Hanpass Signs Agreement to Enable Western Union International Money Transfers
SEOUL, JULY 30, 2019— Hanpass, one of the leading fintech companies in Korea, signed an agreement with Western Union, a leader in cross-border, cross-currency money movement, to enable Western Union international money transfers from the Hanpass mobile app.
The agreement will enable Hanpass customers, with a few clicks, to send money around the world to Western Union® retail agent locations in more than 200 countries and territories, usually in minutes1, for cash pick up or payout into billions of bank accounts in more than 100 countries.
Customers can pay for transactions within the app via direct transfers from their bank accounts set up in Korea, providing convenient and user-friendly customer experience.
“Hanpass built a relationship on trust with Western Union. Our growth potential backed up with a track record of building a solid international customer base; strong performance and deep experience and know-how in the business, were important factors,” said Kim Kyung Hoon, CEO, Hanpass.
“Globally, the financial services and money transfer industry is in a period of significant change, spearheaded by the evolution of technology and growing demand for digital services that help us manage our money smarter. We are excited to be collaborating with Hanpass, providing customers in the country, with convenient money transfer experiences,” said K. Premmananth, Regional Vice President, Singapore, Indonesia and North Asia, Western Union.
- Funds may be delayed or services unavailable based on certain transaction conditions, including amount sent, destination country, currency availability, regulatory and foreign exchange issues, required receiver action(s), identification requirements, Agent location hours, differences in time zones, or selection of delayed options. Additional restrictions may apply. See Send Form for details.
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About Western Union
The Western Union Company (NYSE: WU) is a global leader in cross-border, cross-currency money movement. Our omnichannel platform connects the digital and physical worlds and makes it possible for consumers and businesses to send and receive money and make payments with speed, ease, and reliability. As of September 30, 2018, our network included over 550,000 retail agent locations offering Western Union, Vigo or Orlandi Valuta branded services in more than 200 countries and territories, with the capability to send money to billions of accounts. Additionally, westernunion.com, our fastest growing channel in 2017, is available in more than 50 countries and territories to move money around the world. In 2017, we moved over $300 billion in principal in nearly 130 currencies and processed 32 transactions every second across all our services. With our global reach, Western Union moves money for better, connecting family, friends and businesses to enable financial inclusion and support economic growth. For more information, visit www.westernunion.com.
Hanpass is a leading Korean fintech company providing remittance and O2O currency exchange services via mobile app services. Hanpass enables its users to safely send money across borders without going through the hassle of making local bank accounts and physically going through identification process by simply completing mobile identification process. Moreover, Hanpass differentiated itself from traditional banks using SWIFT network to wire transfer by forming strategic alliance with MTO (Money Transfer Operator) partners like Western Union, which significantly reduced the time required to send money out of the country from 3~5 days to an almost instant transfer with much lower fees. With solid industry experience and knowhow along with global financial network base, Hanpass is sprinting towards becoming a true global platform offering an effortless cross border remittance, currency exchange and payment experience for customers.