According to a trending report, Western Union – a global money transfer giant – just collaborated with Stellar collaborator. The worldwide fun transfer giant just entered into a partnership with Thunes – a partner of Stellar Lumens (XLM). Western Union partnered with Thunes to enable its users to send money directly to mobile wallets across the globe.
Western Union Users Will Soon Be Able to Send Money Directly to Recipient’s wallets
Thunes was initially known as TransferTo. Thunes is an international settlements network with focus on the emerging market. According to a report, Thunes recently partnered with Stellar Lumens – an open source blockchain project. Thunes partnered with Stellar Lumens to integrate blockchain-powered payment into its services.
Via a press release, Western Union said that it partnered with Thunes to enable its digital network users and agent locations send money directly to the mobile wallets of recipients. Western Union also pointed out that this innovation will enhance financial inclusion across the globe. It will ease access to finance for the unbanked. It will also help those that are not supported by traditional service providers.
In recent times, the fund transfer giant has shown an affinity for digital currencies. The president of Western Union Global Money Transfer said that WU will be ready to launch support if digital currencies become an adopted mean of exchange between businesses and individuals.
Western Union Exploring the Potentials of Blockchain Technology
According to a report, WU has been exploring the use of blockchain technology to enhance its platform. While the firm is just starting to talk about digital currencies, it has been exploring the potentials of the underlying technology of digital currencies. Blockchain technology has a lot of use cases. The majority of its use cases are even yet to be discovered, according to researchers.
Many firms have come into the blockchain and crypto space because of the amazing benefits and use cases of blockchain. Western Union (WU) is now looking for possible ways to enhance its platform with the evolving technology.
Ripple is also involved
According to a report, Western Union is involved in an ongoing test with Ripple. The test is meant to probe the time and cost-effective value of the blockchain-powered payment system Ripple. Hikmet Ersek – the chief executive officer of Western Union – also said that testing is ongoing during a conference call.
In a statement, the CEO said: “We are more focused on the optimization of working capital and processing settlement. We are also looking regulatory aspect as well as the compliance aspect on the blockchain capabilities.” The CEO further added that they do have some test with Ripple.
Ripple is a blockchain-based settlement firm. The firm has built some products it uses for cross-border settlements. Ripple has also partnered with a lot of banks and financial institutions across the globe. While Ripple focuses on banks and financial institutions, Stellar Lumens focusses on the unbanked.
Stellar (XLM) Price Today – XLM / USD
At the time of writing, Stellar Lumens (XLM) is up by about three percent over the past twenty-four hours. This leaves the digital currency to trade at $.1084. The current market cap of the digital currency is $2.08 billion. The trading volume of the digital currency over the past twenty-four hours is $236.83 billion. XLM is currently facing a stiff hurdle on the upside, and it needs much traction to break over that level.