Western Union, Beforepay collaboration boosts cross-border money transfers

KUALA LUMPUR, Feb 24 (Bernama) -- Western Union and Beforepay announced a first-of-its-kind collaboration, allowing consumers to boost their cross-border money transfers by accessing reliable, ethical and affordable short-term lending.

According to Western Union in a statement, consumers can ‘Send Now, Pay Later’ by borrowing up to A$2,000 through Beforepay’s wage-advance product on Western Union’s digital channels. (A$1=RM3.02)

“Western Union’s mission is to make financial services accessible to people everywhere. Our collaboration with Beforepay is another step towards achieving this mission, giving customers the opportunity to access additional funds as they send money to families and communities.

“We are excited about the positive impact it can have for consumers, as they proactively look for convenient options to meet their financial needs,” said Western Union Regional Vice President of Australia, New Zealand and the Pacific Islands, Gregory Laurent.

Exclusive insights from Western Union research show that as many as 44 per cent of Australia’s consumers would like to have the choice to ‘Send Now, Pay Later’ when transferring money worldwide.

By accessing Beforepay’s wage-advance product via Western Union’s mobile app and website, customers will be able to increase how much they transfer.

Registration to access the additional funds can be completed within minutes and once issued, can be repaid in multiple installments. International money transfers through Western Union can be sent to over 200 countries and territories.

The announcement reinforces Western Union’s ‘Evolve 2025’ strategy to combine high-value, accessible retail and digital financial services in which the company is committed to helping people worldwide who aspire to build financial futures for themselves, their loved ones and their communities.

-- BERNAMA