Western Union Collaborates With Stellar Partner Thunes for Mobile Wallet Transfers March 22, 2019 March 22, 2019 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsMarch 22, 2019 by Kelly Cromley

Western Union Collaborates With Stellar Partner Thunes for Mobile Wallet Transfers

Payments giant Western Union (WU) has joined hands with Thunes, which collaborates with Stellar (XLM), to offer WU clients to remit funds to mobile wallets anywhere across the world, without the need for any third-party.

Thunes, later rebranded as TransferTo, is an emerging-market, cross-border payment network. TransferTo had earlier collaborated with the open source blockchain venture of Stellar to test the incorporation of blockchain-backed payment processing into their services. The collaboration with Thunes will concentrate on allowing the use of WU’s electronic network or WU agent zones to transfer cash without third-party intervention to the mobile wallets of recipients, per Western Union’s press release.

Western Union asserts that this broadened usability strives to promote financial inclusion worldwide by facilitating financial access for people without any banking facilities, and those not currently backed by conventional providers of financial services.

Western Union in recent times noted that it is more accommodating to blockchain-based cryptocurrencies, with WU Global Money Transfer president suggesting that if cryptocurrencies ever get adopted by firms and individuals as a popular means of exchange, then WU will not hold back from providing support.

Besides crypto, Western Union has already started studying the benefits of blockchain technology by actively engaging in the testing of Ripple’s blockchain-backed settlement system’s cost and time savings. Six global banks have in the recent times signed letters of intent with Stellar issue their native stable cryptocurrency pegged to fiat money. The banks intend to use IBM’s Stellar blockchain based cross-border payment network for launching the native stable cryptocurrency.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.