Western Union Partners with Travel Wallet for Expansion in South Korea

One of the world’s leading cross-border payment companies, Western Union (WU) has recently announced its expansion in South Korea through a collaboration with Travel Wallet, a financial technology firm in the region.

Western Union has announced the launch of its money transfer services on the Travel Wallet app. Users of the Korean fintech company now have a choice to send money through WU. Additionally, clients can fund their cross-border money transfers via local bank accounts.

According to the details shared by the company, Travel Wallet’s users will be able to receive WU money transfers through the Travel Wallet app in the coming months.

“At Travel Wallet, we adopt a customer-centric approach, and are glad to collaborate with a like-minded company like Western Union,” said Hyungwoo Kim, the CEO of Travel Wallet. “We are excited to enable our customers to connect to their loved ones around the world through one of the world's widest-reaching financial networks. We look forward to putting our collective strengths to work and catering to who really matters—our customers.”

Earlier this month, Western Union reported its financial results for the fourth quarter of 2021. For the reported period, the financial services provider saw a marginal increase in revenue as the number touched $1.3 billion. Adjusted EPS in the fourth quarter came in at $0.64, compared to $0.45 in the same period last year.

Western Union and South Korea

The overall cross-border payment volumes across South Korea have surged substantially in the past few years. According to WU, the partnership with Travel Wallet will make cross-border payments more convenient and secure for the users.

“Remittances connect people, places, economies and societies. We are delighted to offer our services to Travel Wallet users, enabling convenient and reliable financial flows powered by technology,” K. Premmananth, the Head of Network, Singapore, Indonesia and North Asia at Western Union, said.