After a successful introduction of its digital banking offering in Europe, Western Union is investing to bring the same types of services to Latin America.
The company recently announced that we are acquiring Te Enviei, a Brazil-based digital wallet, to accelerate the rollout of our financial ecosystem offerings in Brazil. The new digital wallet will enable our customers to store funds, send money overseas and domestically, and pay their bills, all from the convenience of their phones. Te Enviei is available in 98% of Brazilian cities, with more than 30,000 locations to send and collect transactions.
The Brazil launch, expected in the first half of 2023, is part of Western Union’s broader shift to offering greater value to customers, including a larger range of digital financial services.
“Brazil is a strategically important market where Western Union already holds a banking license, and it is a highly digitized banking market,” said Ricardo Amaral, President of Western Union Brazil. “Additionally, our internal research indicates that many Brazilians are looking for financial products that can address their needs in a global economy.”
“Offering our Brazilian customers an integrated digital banking and money transfer solution will be a key milestone in our effort to change the way we interact with our customers and move from a transactional business to a customer-centric, relationship-based approach,” said Thomas Mazzaferro, Chief Innovation & Data Officer at Western Union.