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Western Union Partners Thunes To Expand Payout To Mobile Wallets

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Payments giant Western Union has teamed up with cross-border payments firm Thunes, formerly TransferTo, for sending funds directly into mobile wallets around the world. Thunes offers a cross-border payments network for emerging markets.

Thunes is using Stellar's distributed and open-source blockchain platform to facilitate cross-asset transfers. Stellar's distributed ledger provides an instant clearing, settlement, and execution platform, enabling value to move across borders, directly between banks and payment gateways.

Western Union said its customers will have multiple payout options including bank accounts, cards or mobile wallets.

By providing payments into mobile wallets, Western Union is making financial services accessible for everyone by interconnecting diverse payment systems that allow unbanked people to access the global economy.

It also enables greater financial access for consumers who lack access to traditional financial services by connecting them to alternative payment solutions, such as mobile wallets.

TransferTo, a cross-border mobile top-ups and payment solutions network provider, split itself into two separate company brands, logos and identities. Its mobile top-up and rewards business was changed to DT One and its cross-border payments business branched off to operate independently as Thunes.

Thunes is authorized by the Financial Conduct Authority in the United Kingdom and is also registered with and regulated by HM Revenue and Customs in the United Kingdom as a Money Transmitter.

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