Payments News

On The Web

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Domains

Western Union Makes Digital Push Amid Fierce Competition for Money Transfers

“Western Union Co. WU +0.13% is aggressively expanding its digital services as the money-transfer giant tries to keep pace with competitors vying for international transfers. At stake in this digital race is a growing share of an industry that each year handles more than half a trillion dollars in remittances, in which money mostly flows from migrant workers to their […]
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Deals

International money transfer company TransferGo scores $17.6M Series B

“TransferGo, the London-based international money transfer startup, has raised just over $17.6 million in Series B funding, including an earlier tranche of funding closed in May. The round is led by Vostok Emerging Finance, and Silicon Valley’s Hard Yaka, with participation from Revo Capital, U-Start Club, and Practica Capital. The figure also includes around $830,000 in […]
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Deals

Alibaba’s Ant Financial buys UK currency exchange giant WorldFirst reportedly for around $700M

“This isn’t your average multi-hundred million dollar acquisition. The deal was confirmed by WorldFirst in a note to customers while Alibaba, which curiously didn’t put out an official press release, acknowledged the acquisition to us through a spokesperson. Yet despite a relatively under-the-radar outing, the deal has potentially significant consequences. It not only underscores the strong market […]
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Domains

Two Remittance Firms Go Live With Ripple-Based Payments to Thailand

“Remittance firms UAE Exchange and Unimoni have gone live with blockchain-based payments using Ripple technology. Finablr, which owns the two brands, announced Sunday that “real-time” cross-border remittances using RippleNet are now live, starting with payments for its international customers to Thailand. Other destination countries are expected to be added going forward.”
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Domains

Samsung Pay starts overseas remittance service in 17 countries – Pulse by Maeil Business News Korea

“Samsung Electronics Co. said Wednesday that it has begun the beta version overseas remittance service on its mobile payment system Samsung Pay in partnership with local foreign money transfer operators Hanpass and Sentbe. The beta service will be available in 17 countries including the United States, China, and Japan. The company plans to gradually expand […]
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Domains

Saudi Arabia, UAE Aim to Cut Payments Costs With Common Digital Currency

“The central banks of Saudi Arabia and the United Arab Emirates (UAE) have jointly launched a digital currency trial. The Saudi Arabian Monetary Authority (SAMA) and the Central Bank of the UAE jointly announced Tuesday that the project is aimed to facilitate blockchain-based financial settlements between the two countries. While the central remittance systems in both countries have “evolved […]
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On The Wires

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Domains

Western Union Digital Expands in Asia: Mobile App Now Live in Singapore

“The Western Union Company (NYSE: WU), a leader in cross-border, cross-currency money movement, has launched the Western Union® mobile app in Singapore, connecting customers to their families and loved ones around the world, 24/7. Activation of the app in Singapore has given Western Union a digital trifecta in Asia this year, as Singapore now joins Hong Kong and Malaysia in […]