- The deal will make it easier for customers to send and receive money
- PayPoint is a British paytech and is considered to be one of the best payment processing specialists in the United Kingdom, Ireland, and Romania
- The deal will enable free banking through WU cash
Payment processing specialist PayPoint just signed a partnership agreement with remittance giant Western Union and executives from the two brands are excited about the deal. According to reports, the development will boost both company's profit margins as well as enable the duo to expand their share of the payments market.
PayPoint is a British-owned paytech that offers bill payment solutions in the United Kingdom, Romania, and Ireland. The brand is known for its payment service and great customer care. Western Union, on the other hand, is known as one of the best ways to transfer money internationally. It is a trusted brand the world over and often the go-to place for migrants who would like to send money to their families back home.
The values that the two companies hold dear make for a good partnership as it will benefit retailers, observers note.
Western Union’s deal with PayPoint will enhance the money transfer brand’s commission and enable free banking through WU cash. According to PayPoint, the partnership will also provide direct support to merchants.
Western Union is a world leader in providing affordable overseas transfer rates, and handles millions of transactions per month. Executives note that it will be responsible for the two companies’ relationship with retailers. PayPoint executives say that the service will also enable consumers to receive and send money to over 200 countries.
“We are committed to innovating and delivering services that add value to our retail partners so that they can grow their businesses. We’re pleased that this new partnership with Western Union will improve terms for retailers offering this vital service in their local communities”, said Lewis Alcraft, the Commercial Director at PayPoint, during an interview.
Western Union’s Graham Baker added that the company is “delighted” with the new partnership. Western Union is hard at work in ensuring its relevance in today’s market, according to reports. While fintechs such as TransferWise, Revolut, and others, are making waves in the remittance and payments market thanks to innovative technology, the remittance brand is focused on the needs of customers. In 2018, Western Union said that not all customers are tech savvy and that the need for traditional or brick and mortar remittance centres are still at the forefront of the services that they provide.
The deal with PayPoint reflects the remittance giant’s beliefs and the market analysis that it has done in the past few years.
Baker described the collaboration as “exciting” and that it will expand the remittance brand’s agent network. Baker also told the media that the service will “offer great commercial terms to all retailers”. Both PayPoint and Western Union are encouraging merchants to join the network before March so that they can have access to one of the Liverpool FC promotions that they have put in place.
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