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February 1, 2019

Western Union introduces digital money transfer service in South Korea

Western Union has rolled its digital money transfer service in South Korea in collaboration with local mobile-first bank kakaobank.

Western Union’s cross-border functionalities has been integrated with the bank’s mobile banking app, which is used by more than 7.6 million people.

The integration will enable the customers to seamlessly make international money transfers directly from their mobile phones.

Western Union network consists of more than half a million agent in more than 200 countries and territories.

Western Union Global Money Transfer president Odilon Almeida said: “With the expansion of digital channels in full force, Western Union is excited to collaborate with kakaobank to deliver on a seamless digital customer experience. As digital services have become an integral part of customers’ daily lives, this launch provides customers with fingertip convenience, 24/7.”

According to research by The Asian Banker, South Korea leads the Asia Pacific region in digital banking activities along with Australia.

kakaobank CEO Daniel Yun said: “We are delighted to launch this service offering with a global leader as Western Union and provide our vast customer base with this enhanced digital money transfer capability. Western Union’s brand strength and its ability to connect the digital and physical worlds of money, coupled with kakaobank’s digital expertise and reach, will benefit customers looking for different options to send money.”

Western Union, which commenced operations in South Korea in 2001, currently has over 4,000 retail agent locations in the country.

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