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Friday, March 31, 2023

The Western Union (NYSE: WU) Announces Partnership with Zain Cash

The Western Union Company (NYSE: WU) disclosed that it has partnered with Zain Cash. Both the companies have confirmed the launch of Western Union digital money transfer services through the Zain Cash mobile wallet. Over 250,000 Zain Cash clients in Jordan can now send up to JOD10,000 (USD14,000) from their mobile money wallets to bank accounts, wallets, and cards in over 130 countries and territories, thanks to the new partnership.

As per the partnership, money can be transmitted in real-time to recipients in more than a hundred of these nations. Customers can also send money to a Western Union agent location anywhere in the world. Customers can top up their wallets with cash at Zain’s wide network of outlets in Jordan or from their bank accounts in Jordan.

Jordan was one of the top remittance-receiving countries in the Middle East and North Africa in 2021, according to the World Bank. Remittances made for almost 8% of the country’s gross domestic product. In 2019, outbound remittances totaled $575 million. Furthermore, Zain Cash mobile wallet users will also be able to get money transfers from around the world in the coming months.

Additionally, Jean Claude Farah, President, Western Union EMEA/APAC Region commented: “We are excited to collaborate with Zain Cash to provide clients with a comprehensive, omnichannel approach that allows them to send money anywhere in the world. We believe that collaborations like these not only help coordinate the Middle East to the global financial system, but they also foster financial inclusion, allowing millions of people who do not have access to traditional banking services to gain access.”

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