Western Union’s digital wallet is coming to Latin America

Te Enviei, a digital wallet located in Brazil, was recently acquired by Western Union as part of its strategy to accelerate the time to market for the popular payment and currency exchange company’s financial ecosystem offerings in the southeastern country. American.

The initiative comes after the successful introduction of the company’s digital bank in Europe in February 2022, a step which undoubtedly anticipated the interest of reaching Latin America with this new portfolio of services and which should be active in the first half of 2023.

Thomas Mazzaferro, chief innovation and data officer at Western Union, said:

We are changing the way we interact with our customers today, moving from a transactional activity to a customer-centric and relationship-based approach.

Western Union, through a new strategy that aims to broaden its value proposition for customers, presents them with a set of digital financial services that will allow them to store funds, send money abroad and in the country, pay bills, and more, all with the ease of mobile devices.

“Offering our Brazilian customers an integrated digital banking and money transfer solution will be a key step in this effort. We believe this acquisition will allow us to significantly accelerate our planned technology build, enabling faster deployment of our digital portfolio in Brazil,” Mazzaferro explained.

For his part, Ricardo Amaral, President of Western Union Brazil, said: “Brazil is a strategically important market where we already hold a banking license, and it is a highly digitized banking market. Additionally, our internal research indicates that many Brazilians are looking for financial products that can meet their needs in a global economy.

Further information on the company’s strategic plans, including those for its digital banking offerings, will be shared at its upcoming Investor Day on October 20.

Western Union’s platform provides seamless cross-border flows and its leading global financial network connects more than 200 countries and territories and approximately 130 currencies. It connects consumers, businesses, financial institutions and governments through one of the most extensive networks in the world, accessing billions of bank accounts, millions of digital wallets and cards and a large global network of retail stores.