Western Union Visions Cryptocurrency As Another Option

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Western Union will soon be adding cryptocurrency to their financial services assuming that crypto gamers have enough enthusiasm since they claimed of more than 130 currencies. 

According to Western Union Global Money Transfer President Odilon Almeida, the industry isn’t there yet. However, he assesses that the firm is in the perfect spot to privilege from the cryptocurrency evolution in the long-term correlated to any startup. It is considered that they have the edge and “deep knowledge” with regards to international money transfer including millions of users.

Western Union Global Money Transfer President Odilon Almeida/YouTube

“Whenever I’m asked if Western Union will introduce a digital currency, I like to say that we have already done it decades ago. “Western Union is ready today to adopt any kind of currency. We already operate with 130 currencies. If we, one day, feel like it’s the right strategy to introduce cryptocurrencies to our platform, technology-wise, it’s just one more currency,” Almeida said.

He also emphasized that cryptocurrencies, so far, have missed accomplishing mass adoption due to the three things it needs to grasp which are compliance, governance, and volatility.  But on his point of view, Western Union is already better prepared to work out such parameters since it already transfers money across 130 currencies and allocates significant resources to all of those three challenges.

Blockchain technology does not move along into those issues. Almeida, however, made a differentiation between blockchain and cryptocurrencies. He noted that blockchain is full of potential and there are more ways than one that the technology can be utilized.

Western Union asserts that there are several possible applications for the financial services sector and the company is capitalizing in seeking those that are most suitable to their platform. It has affiliated with Ripple Labs to analyze whether sending payments by blockchain was speedier and less costly with tests that are in process.

 

Regardless of dreary initial outcomes,  Western Union CEO Hikmet Ersek warned that the financial company’s experiments with xRapid were premature and possibly “too little” to convey company assumptions.

Given that Western Union already digitally delivers currencies, the firm assumes that blockchain and cryptocurrency will consolidate harmoniously. Being a colossal on-ramp for worldwide global money transfer, the company can become one of the primary leading brands in the financial services sector to employ into cryptocurrency as a sustainable conventional payment option.

Ersek’s disclosure indicates at the new composite economy that is situated at the junction of digital and fiat currencies, where consumers are deliberately enabled to select the kind of currency they desire to use.

Meanwhile, Western Union is expanding its financial services in Asia, particularly Singapore through the mobile app. The campaign aims to connect customers to their acquaintances and families globally, 24 hours a day, seven days a week.

The launching of the app in Singapore provided the company with a straight forecast in Asia this year. The country joined Hong Kong and Malaysia in gaining from the company’s digital acceleration of leading regional economic centers throughout the world.

Customers have the option to send money at once into billions of bank accounts around the world. It can also be transferred to available mobile wallets or to Western Union’s of over half a million agent locations in 200 countries and districts, no matter when and where.

A customer needs to register on the app, available on iOS and Android. He will receive a verification email or code sent to the registered email or phone number. After the confirmation, personal and valid ID details must be entered. IDs that can be used include National Registration Identity Cards (NRIC), driving licenses, and passports.

Moreover, customers can estimate charges and foreign exchange rates for online money transfers. They could likewise monitor past and pending transactions, detail payout options accessible in the recipient’s country, and deliver 24-hour customer service.

 


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