Western Union is currently working with Stellar (XLM) collaborator Thunes and enable Western Union clients to transfer funds directly to mobile wallets around the world. The information was released by Western Union a few days ago. This shows that companies are using blockchain technology to improve their services and offer better products to the market.
Thunes is Now TransferTo
Thunes has recently changed its name to TransferTo. Ths rebranding will allow the company to offer services to clients in emerging markets to transfer funds in a fast and easy way. TransferTo has already partnered with Stellar to try blockchain-powered settlements. Stellar is one of the most popular blockchain networks in the space.
The press release published by Western Union says that the partnership with Thunes focuses on enabling the use of Western Union’s technology to transfer funds to recipients on their mobile wallets. As per Western Union, the intention is to improve financial inclusion around the world and easing financial access. In developing markets, there are several individuals that do not have access to traditional financial services.
Western Union, compared to other companies similar to it, has been very close to blockchain technology and digital currencies. The president of Western Union Global Money Transfer explained that the firm would be ready to support cryptocurrencies if they become a means of payment and exchange between individuals and businesses around the world.
There are other firms such as MoneyGram, Western Union competitor, that are also entering the blockchain and crypto space. MoneyGram has partnered with Ripple in order to process faster and enhanced payments between parties around the world. This offers the company a cheaper way of transferring funds across boundaries.
Stellar is the 8th largest digital currency in the market. It has a market capitalization of $2.1 billion and each XLM coin can be purchased for $0.109, according to CoinMarketCap.
It is worth mentioning that Stellar is also a Ripple competitor. Both companies were co-founded by the same person, Jed McCaleb and the firms offer similar services to companies. Stellar focuses not only in businesses and financial firms but also on individuals.
Meanwhile, XRP is the third largest digital asset in the market with a capitalization of $13.04 billion and a price of $0.312.