Western Union and Beforepay Offer ‘Send Now, Pay Later’ Service to Consumers for International Money Transfers
February 24 2023 - 2:00AM
Business Wire
- A first-of-its-kind collaboration, allowing consumers
in Australia to boost their international money transfers
(remittances).
- Consumers can borrow up to AUD$2000 to supplement transfers,
with the flexibility to repay in multiple installments.
- Collaboration demonstrates Western Union’s and Beforepay’s
commitment to ensuring accessible financial services for
all.
Western Union and Beforepay today announced a first-of-its-kind
collaboration, allowing consumers to boost their cross-border money
transfers by accessing reliable, ethical and affordable short-term
lending. Consumers can ‘Send Now, Pay Later’ by borrowing up to AUD
2000 through Beforepay’s wage-advance product on Western Union’s
digital channels.
Meeting consumer expectations
Exclusive insights from Western Union research show that as many
as 44% of Australia’s consumers would like to have the choice to
‘Send Now, Pay Later’ when transferring money around the world.
Today’s announcement means that consumers will be able to do just
that. By accessing Beforepay’s wage-advance product through Western
Union’s mobile app and website, customers will be able to increase
how much they transfer. Registration to access the additional funds
can be completed within minutes and once issued, can be repaid in
multiple installments. International money transfers through
Western Union can be sent to over 200 countries and
territories.
“We are committed to supporting our customers and their
communities by offering financial services that are accessible,
ethical, and reliable,” said Gregory Laurent, Regional Vice
President of Australia, New Zealand and the Pacific Islands at
Western Union. “Western Union’s mission is to make financial
services accessible to people everywhere. Our collaboration with
Beforepay is another step towards achieving this mission - giving
customers the opportunity to access additional funds as they send
money to families and communities. We are excited about the
positive impact it can have for consumers, as they proactively look
for convenient options to meet their financial needs.”
Accessible financial services for all
Today’s announcement reinforces Western Union’s ‘Evolve 2025’
strategy to combine high-value, accessible retail and digital
financial services. Beforepay’s wage-advance product is designed to
give customers the opportunity to meet temporary cash-flow
challenges. The average advance Beforepay offers to customers is
approximately AUD$400. The full amount is repaid within an average
of three to four weeks.
“We’re excited to collaborate with Western Union to support
their customers with access to safe, affordable short-term
lending,” said Beforepay CEO Jamie Twiss. “Beforepay and Western
Union share a vision of providing inclusive financial services to
aspiring consumers around the world.”
About Western Union
The Western Union Company (NYSE: WU) is committed to helping
people around the world who aspire to build financial futures for
themselves, their loved ones and their communities. Our leading
cross-border, cross-currency money movement, payments and digital
financial services empower consumers, businesses, financial
institutions and governments—across more than 200 countries and
territories and approximately 130 currencies—to connect with
billions of bank accounts, millions of digital wallets and cards,
and a global footprint of hundreds of thousands of retail
locations. Our goal is to offer accessible financial services that
help people and communities prosper. For more information, visit
www.westernunion.com.
About Beforepay
Beforepay (ASX: B4P) is an Australian fintech providing
ethical-lending products to consumers. Beforepay’s wage-advance
product enables its more than 750,000 registered users to borrow
small amounts of money for short periods of time in a safe,
affordable manner. The company’s flagship product charges a fixed
fee of 5%, with no interest, late fees, penalty fees, or other
costs of any kind. For more information, visit
www.beforepay.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230224005115/en/
Western Union Karen Santos;
Karen.Santos2@westernunion.com Saadia McGlinchey;
Saadia.McGlinchey@wu.com
Beforepay Kasey Kaplan;
mediaenquiries@beforepay.com.au
Beforepay (ASX:B4P)
Historical Stock Chart
From Nov 2024 to Dec 2024
Beforepay (ASX:B4P)
Historical Stock Chart
From Dec 2023 to Dec 2024