A new partnership between Western Union and e-wallet PagaPhone has brought more flexibility to money transfers between the US and Mexico.
People based in North America can send funds through either one of Western Union’s channels, including ‘WU.com’, the WU mobile app or a WU retail location, to friends and family in Mexico who can then use their PagaPhone SmartPay account to manage the funds.
Once the money is in their PagaPhone e-wallet, users can then transfer it to a bank account through SPEI, withdraw cash from an ATM with the PagaPhone debit card, or use the service of the PagaPhone app to make a payment.
Ulises Tellez, CEO and Founder, PagaPhone SmartPay and Cloud Transfer Services, said: “By teaming with Western Union, PagaPhone SmartPay users in Mexico have yet another way to receive money from friends and family cross-border, using a brand known and trusted for decades.
“We look forward to offering Western Union’s industry leading money transfer capabilities to our customers, giving them a convenient and efficient way to receive money via their PagaPhone account.”
The collaboration is also aimed at benefitting those receiving regular remittances. They will be supported by Western Union and PagaPhone by being given an income history which can then act as an eligibility token for credit or an insurance system.
Pablo Porro, Head of Western Union Mexico and Central America, commented: “Remittances are a lifeline for so many in Mexico, where more than $51bn was sent into the country just last year.
“With this surge in remittances, customers demand choice and added convenience for how and when money is sent and received. By teaming with PagaPhone, Western Union is helping bridge the digital and physical worlds to offer consumers more channels and added convenience to send money from the U.S. to Mexico.”