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.