{"id":1099,"date":"2015-11-18T22:24:49","date_gmt":"2015-11-18T22:24:49","guid":{"rendered":"http:\/\/paymentfac.wpengine.com\/?p=1099"},"modified":"2023-02-13T09:28:31","modified_gmt":"2023-02-13T16:28:31","slug":"wechat-cuts-global-money-transfer-deal-with-western-union","status":"publish","type":"post","link":"http:\/\/infinicept.com\/payment-facilitator\/archive\/wechat-cuts-global-money-transfer-deal-with-western-union\/","title":{"rendered":"WeChat Cuts Global Money Transfer Deal With Western Union"},"content":{"rendered":"

In a deal that could make Tencent-owned social media platform WeChat into a serious payments player, WeChat announced Tuesday (Nov. 17) a deal with Western Union that allows WeChat’s U.S. users to send money cross-border to 200 countries and territories, all while riding Western Union’s rails.<\/strong><\/p>\n

With conflicting laws, industry regulations and security concerns, simplified global money transfers has been a top PF priority.<\/p>\n

“Consumers are able to fund the money transfer utilizing a debit card, credit card or bank account and easily direct the funds to a Western Union retail agent location around the world, and to a mobile wallet or bank account where available,” said a joint statement from WeChat and Western Union. “WeChat together with its sister product Weixin in China had over 650 million of monthly active user accounts at end of September 2015.”<\/p>\n

One of the more attractive potentials of this deal is the ability to offer in-context payments. Instead of consumers seeing this money-transfer capability as a disjointed banking app, WeChat’s social communications could allow far more natural-feeling transactions.<\/p>\n

Consider: A parent could be texting with a college student offspring and has just agreed to buy the student a new computer. The money transfer could then happen within that conversation. Or a text exchange about meeting for lunch could include all participants transferring money to the one friend who will pay the check.<\/p>\n

By removing the global barriers that so often thwart simple money transfers, this partnership could have substantive ramifications, especially if other social sites opt to mimic the methodology and protocols used.<\/p>\n

Just like MasterCard is arguing with this week’s mobile loyalty standardization effort<\/a>, global money transfers via social may be a situation where standardization is a lot better than differentiation.<\/p>\n","protected":false},"excerpt":{"rendered":"

In a deal that could make Tencent-owned social media platform WeChat into a serious payments player, WeChat announced Tuesday (Nov. 17) a deal with Western Union that allows WeChat’s U.S. users to send money cross-border to 200 countries and territories, all while riding Western Union’s rails.<\/P>

With conflicting laws, industry regulations and security concerns, simplified global money transfers has been a top PF priority. “Consumers are able to fund the money transfer utilizing a debit card, credit card or bank account and easily direct the funds to a Western Union retail agent location around the world, and to a mobile wallet or bank account where available,” said a joint statement from WeChat and Western Union. “WeChat together with its sister product Weixin in China had over 650 million of monthly active user accounts at end of September 2015.”<\/p>\n","protected":false},"author":21,"featured_media":333,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","_FSMCFIC_featured_image_caption":"","_FSMCFIC_featured_image_nocaption":"","_FSMCFIC_featured_image_hide":"","footnotes":""},"categories":[1015],"tags":[277,502,869,968,974],"class_list":["post-1099","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-archive","tag-evan-schuman","tag-mastercard","tag-tencent","tag-wechat","tag-western-union"],"acf":[],"_links":{"self":[{"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/posts\/1099","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/users\/21"}],"replies":[{"embeddable":true,"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/comments?post=1099"}],"version-history":[{"count":5,"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/posts\/1099\/revisions"}],"predecessor-version":[{"id":9052,"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/posts\/1099\/revisions\/9052"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/media\/333"}],"wp:attachment":[{"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/media?parent=1099"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/categories?post=1099"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/tags?post=1099"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}