Western Union, the cross-border payment giant has always indicated willingness to adopt Blockchain technology into its payment process. The company recently announced that it has sealed partnership with Thunes, a Stellar-backed payment network powered by Blockchain.
Direct Mobile Transaction
Thunes uses the Stellar platform to implement its payments enabling lower fees and faster transaction for an increasing number of people globally.
This partnership between Western Union and Thunes aims to allow the users and agents of the cross-border payment to send remittance directly to mobile wallets taking advantage of Thune’s blockchain network.
This would eliminate the need for the user to move around before completing transactions thereby improving user experience.
The firm announced that the improvement is a step towards inclusion for the ‘unbanked’ across the globe as more people would complete transactions without the need of a bank or financial service provider.
The Thunes‘ CEO stated:
“We are delighted to be working with Western Union to provide global reach for their customers. Our payments platform seamlessly interconnects payment providers globally and enables interoperability between diverse payment systems, and by utilizing our vast networks, Western Union customers will now have more flexibility when sending money across borders.”
Following The Trend
Many projects are working towards inclusiveness by facilitating cross- border payments. For instance, Ripple’ xRapid expansion aims to bring cheap and fast financial solutions for the ‘unbanked’. These would no doubt contribute to greater crypto adoption.
Western Union – Blockchain technology integration through Thunes will accomplish similar results considering that the platform has indicated interest in the technology since in 2018.
Western Union stated that they are willing to adopt any kind of currency, whether Ripple or Stellar. The firm’s customers would be impressed with the convenience brought by the innovative technology.