Western Union and Beforepay have announced a first-of-its-kind collaboration, allowing consumers to boost their cross-border money transfers by accessing reliable, ethical and affordable short-term lending. Consumers can ‘Send Now, Pay Later’ by borrowing up to AUD 2000 through Beforepay’s wage-advance product on Western Union’s digital channels.
What does the partnership mean for consumers?
Exclusive insights from Western Union research show that as many as 44% of Australia’s consumers would like to have the choice to ‘Send Now, Pay Later’ when transferring money around the world. This announcement means that consumers will be able to do just that.
By accessing Beforepay’s wage-advance product through Western Union’s app and website, clients will be able to increase how much they transfer. Registration to access the additional funds can be completed within minutes and once issued, can be repaid in multiple installments. Money transfers through Western Union can be sent to over 200 countries.
In addition, this announcement also reinforces Western Union’s ‘Evolve 2025’ strategy to combine high-value, accessible retail and digital financial services. Beforepay’s wage-advance product is designed to give customers the opportunity to meet temporary cash-flow challenges. The average advance Beforepay offers to customers is approximately AUD$400. The full amount is repaid within an average of three to four weeks.
What does this mean for Western Union and Beforepay?
“We’re excited to collaborate with Western Union to help their clients with access to safe, affordable short-term lending. Beforepay and Western Union share a vision of providing inclusive financial services to aspiring consumers,” said Beforepay CEO Jamie Twiss.
“We are committed to supporting our customers and their communities by offering financial services that are accessible, ethical, and reliable,” commented Gregory Laurent, Regional Vice President of Australia, New Zealand and the Pacific Islands at Western Union.
“Western Union’s mission is to make financial services accessible to people everywhere. Our collaboration with Beforepay is another step towards achieving this mission – giving customers the opportunity to access additional funds as they send money to families and communities. We are excited about the positive impact it can have for consumers, as they proactively look for convenient options to meet their financial needs,” Laurent further said.