Western Union, the global money transfer platform, is now available on La Banque Postale's mobile application and website.
Facilitating the expansion of global digital payment services
While money transfer platforms such as Western Union and MoneyGram now face stiff competition from fintechs, they are trying to respond to new user needs. The partnership announced between Western Union and La Banque Postale enables the American company to open up to a much wider market. Its President and CEO, Hikmet Ersek, told the Paris Fintech Forum that the alliance is designed to " provide consumers with an omnichannel service, offering the flexibility of a fully digitized experience across web and app ".
Thanks to this partnership, French customers of La Banque Postale will be able to transfer money urgently anywhere in the world. They can do this directly at a post office (up to 6,000 euros) with a valid ID, online or via the mobile app (up to 5,000 euros over 3 rolling days in over 200 countries). The transfer takes just a few minutes. Access to the Western Union online money transfer service is open to all capable adult La Banque Postale customers with an eligible bank card and an Online Banking "Online account management" subscription.
Reduced transaction fees
Users who opt for the dematerialized version of Western Union can benefit from reduced transaction fees. For example, for a shipment of 1,000 euros to Morocco, the customer will be charged 24.90 euros, compared with 43 euros via a traditional post office. Customers can also take advantage of Western Union's loyalty program. For every euro in shipping costs paid, one My WU point is credited. 200 My WU points entitle customers to a 20-euro discount on transaction fees.
La Banque Postale can now offer its customers a complete range of banking and insurance products and services, accessible both online and offline.
While money transfer services represent an essential solution for unbanked beneficiaries, their cost remains high. This is where fintech can make a difference. British start-up TransferWise makes it easy to transfer money abroad at low cost. For example, for a transfer of 1,000 euros to Morocco, the fee is 12.38 euros, half that charged by Western Union.