- Western Union will use Marqeta’s issuing abilities to supply prospects playing cards through its new electronic banking platform.
- WU Store will enable Western Union clients shop at additional than 12,000 merchants throughout 60 international locations and get cash-again benefits.
- Insider Intelligence publishes hundreds of insights, charts, and forecasts on the Payments & Commerce market. Master more about getting a consumer.
The news: API issuer-processor Marqeta will assist power Western Union’s
platform in Europe, for each a press launch. Western Union will use Marqeta’s issuing abilities to offer clients virtual and physical cards.
Crucial context: Western Union has been functioning on a digital banking pilot and searching platform in Europe, starting off initial in Germany and Romania. The procuring system, WU Shop, will permit Western Union clients store at more than 12,000 retailers throughout 60 countries and get dollars-back again benefits. The banking device, dubbed Western Union Intercontinental Bank, will contain a multi-currency electronic wallet and debit cards.
Why it is really worth looking at: The emergence of cross-border payment fintechs like Wise and Remitly has created it complicated for legacy remittance providers to sustain business—pushing them to request out new progress opportunities. At stake is the $774.20 billion world-wide remittance sector, which is expected to grow almost 6% year over yr (YoY) in 2022, for every Insider Intelligence forecasts.
Western Union’s rival MoneyGram has pursued cryptocurrency partnerships to innovate its services and retain consumer enchantment: The organization recently collaborated with the Stellar blockchain to assistance stablecoin-to-fiat remittances, and previously this year, it invested in Coinme, the crypto exchange and ATM operator it previously partnered with.
But Western Union looks to be having a distinct approach—introducing fully new expert services to leverage its present consumer base and global access. And as it undertakes its banking and retail initiatives, Western Union is also creating out its main remittance community with worldwide partnerships.
The options: The partnership features critical progress advantages for Western Union and Marqeta.
Marqeta’s card issuing capabilities can support Western Union improve buyer engagement. Western Union may be branching out into banking and retail to maintain client volume inside its network—and Marqeta can aid facilitate this by presenting buyers playing cards tied to their Western Union accounts. This lets Western Union capitalize on client paying out even immediately after a remittance is concluded.
Western Union can extend Marqeta’s global existence and bolster card revenues. Western Union was the major money transfer provider by revenues in 2020, bringing in $4.220 billion that year. Consequently, performing with the organization allows Marqeta profit from Western Union’s consumer network and prolong its arrive at into new markets.
Want to read far more tales like this 1? This is how you can attain entry:
- Be part of other Insider Intelligence purchasers who get Payments & Commerce forecasts, briefings, charts, and analysis reports to their inboxes just about every day. >> Become a Client
- Explore similar subjects a lot more in depth. >> Search Our Protection
Current subscribers can entry the complete Insider Intelligence articles archive below.