Western Union to Launch E-wallet for Small Businesses
Western Union, a provider of global payment services, plans to launch an electronic wallet (e-wallet) for clients of Western Union Business Solutions. The technology supported by hyperWALLET’s global payment platform will allow clients using Business Solutions’ Online FX platform to add and hold funds on balance for future use and enable them to make simple email payments to international recipients.
The e-wallet will launch in the US and Canada in the first quarter of 2012. Businesses will benefit from Western Union’s global compliance capabilities and hyperWALLET’s patented technology, creating a closed loop ecosystem enabling the reliable transfer of funds between senders and receivers.
“This e-wallet is a huge leap forward for B2B [business-to-business] payments. It will ease critical pain points for small and medium enterprises trying to compete on a global scale,” said Raj Agrawal, President, Western Union Business Solutions. “With faster, streamlined transfer methods, our clients will save on foreign exchange and spend less time managing payments and receivables, so they can devote more time to growing their business.”