With the new alliance, international money transfer services will have the opportunity to spread to areas of the United Arab Emirates (UAE) that were previously limited.
According to the announcement, NymCard customers will be able to send money transfers into billions of bank accounts in over 130 countries and territories once the partnership is finalized.
“We have always invested in financial partnerships that spur growth, enhance our technology offering and form meaningful relationships,” Omar Onsi, CEO of NymCard, said. “We are thrilled to come together with Western Union, enabling connections to more than 200 countries and territories. This collaboration will provide a truly inclusive offering that leaves no one behind.”
The ease of money transfers between companies and across borders allows consumers and businesses to send, receive and manage payments in any form of currency to any account securely and easily, regardless of the device, type of currency or payment method.
NymCard’s partnership with Western Union is growing its user base in the UAE, further expanding its digital payments platform into more financial institutions in the region.
Western Union is also looking to branch into the cryptocurrency industry, as the firm filed several crypto-related trademark applications on Tuesday (Oct. 25). The trademark applications suggest that Western Union is interested in a virtual currency exchange, digital currency wallets, a cryptocurrency token and financial brokerage services related to crypto.