Western Union Expands Collaboration with Tencent Financial Technology

BEIJING -- Businesswire -- Western Union (https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fcorporate.westernunion.com%2F&esheet=54029828&newsitemid=20240604427521&lan=en-US&anchor=Western+Union&index=1&md5=4f8d38773a41e7387cee8012d7bae62b) today announced that it has expanded its collaboration with Tencent Financial Technology to partner with Tenpay Global (https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.tenpayglobal.com%2Fen&esheet=54029828&newsitemid=20240604427521&lan=en-US&anchor=Tenpay+Global&index=2&md5=907619a908406a67cf9663634d081061), Tencent’s cross-border payment platform. Customers around the world can now send money from westernunion.com and Western Union’s app directly to their loved ones’ wallets and bank accounts based in China and available within Weixin — known globally as WeChat.

Western Union operates one of the world’s largest money transfer networks. The expanded collaboration underpins Western Union’s Evolve 25 strategy to accelerate digital growth by providing even greater choice, accessibility and convenience for its customers when transferring money internationally.

Unlocking convenience with enhanced global access

This enhancement builds on Western Union’s existing relationship (https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.businesswire.com%2Fnews%2Fhome%2F20220928005466%2Fen%2FWestern-Union-Launches-International-Money-Transfers-for-Weixin-Users-in-China%2F&esheet=54029828&newsitemid=20240604427521&lan=en-US&anchor=existing+relationship&index=4&md5=b49d86ed9067150e2126164b56497e9e) with Tencent Financial Technology and Shanghai Pudong Development Bank. In the current collaboration, Weixin users in China have the choice to use their Money Transfer Control Number (MTCN) to route their Western Union money transfers, originally intended for cash collection, to their bank accounts instead.

Today’s announcement adds onto this, so senders abroad can also now push money transfers directly to their receivers’ wallets or bank accounts available within Weixin’s platform. Customers can send up to USD 5,000 (or local equivalent) per transaction1.

“We are thrilled to expand our services on Weixin, one of the top digital platforms in China that plays a significant role in the lives of over 1 billion users (https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.tenpayglobal.com%2Fen&esheet=54029828&newsitemid=20240604427521&lan=en-US&anchor=1+billion+users&index=5&md5=148f1bd77bb23e9fec97e18a111957ac),” said Sohini Rajola, Head of Asia Pacific at Western Union. “China is the third-largest recipient of remittances globally, receiving approximately USD 50 billion in 2023 (https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.knomad.org%2Fsites%2Fdefault%2Ffiles%2Fpublication-doc%2Fmigration_development_brief_39_0.pdf&esheet=54029828&newsitemid=20240604427521&lan=en-US&anchor=USD+50+billion+in+2023&index=6&md5=53aa43d9579bdcf8fe1a7ee20f8480b1). Through our collaboration with Tenpay Global, we are excited to further enhance our services to meet the evolving needs of customers. By providing a convenient and seamless experience for our customers, we are reaffirming our commitment to customer-centric innovation that empowers individuals and families to send and receive money across borders.”

Creating global connections for China’s digital-savvy consumers

China is known for its digital-savvy population. Industry reports (https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.fisglobal.com%2F-%2Fmedia%2Ffisglobal%2Ffiles%2Fcampaigns%2Fglobal-payments%2520report%2FFIS_TheGlobalPaymentsReport_2023.pdf&esheet=54029828&newsitemid=20240604427521&lan=en-US&anchor=Industry+reports&index=7&md5=f181304ac4251536405cb9b9830733b2) state that China has long been the global leader in digital wallet adoption, underscoring the importance of digital-first money transfer avenues for customers.

“We are fully committed to improving the user experience, aiming to make cross-border transfers as simple as sending a message,” said Royal Chen, Vice President of Tencent Financial Technology. “Our focus lies in providing fast, convenient, and secure solutions that connect China with the global community. Weixin is a digital bridge that allows global users to connect across borders. As we move forward, we are constantly innovating to facilitate the creation of a borderless payment network.”

Combining Weixin’s extensive user base and Western Union’s global reach, the collaboration represents a significant step forward in making financial services accessible to all by offering customers greater flexibility and convenience with their money transfer needs. It reaffirms the companies’ shared mission to serve customers’ digital needs by providing fast, reliable and seamless cross-border transactions.

[1] Additional conditions and limits may apply, depending on send country regulations.

About Western Union

The Western Union Company (NYSE: WU) is committed to helping people around the world who aspire to build financial futures for themselves, their loved ones and their communities. Our leading cross-border, cross-currency money movement, payments and digital financial services empower consumers, businesses, financial institutions and governments—across more than 200 countries and territories and over 130 currencies—to connect with billions of bank accounts, millions of digital wallets and cards, and a global footprint of hundreds of thousands of retail locations. Our goal is to offer accessible financial services that help people and communities prosper. For more information, visit www.westernunion.com.

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