SYDNEY–(BUSINESS WIRE)–Western Union and Beforepay today 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 Beforepays wage-advance product on Western Unions digital channels.
Meeting consumer expectations
Exclusive insights from Western Union research show that as many as 44% of Australias consumers would like to have the choice to Send Now, Pay Later when transferring money around the world. Todays announcement means that consumers will be able to do just that. By accessing Beforepays wage-advance product through Western Unions mobile app and website, customers 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. International money transfers through Western Union can be sent to over 200 countries and territories.
We are committed to supporting our customers and their communities by offering financial services that are accessible, ethical, and reliable, said Gregory Laurent, Regional Vice President of Australia, New Zealand and the Pacific Islands at Western Union. Western Unions 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.
Accessible financial services for all
Todays announcement reinforces Western Unions Evolve 2025 strategy to combine high-value, accessible retail and digital financial services. Beforepays 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.
Were excited to collaborate with Western Union to support their customers with access to safe, affordable short-term lending, said Beforepay CEO Jamie Twiss. Beforepay and Western Union share a vision of providing inclusive financial services to aspiring consumers around the world.
About Western Union
The Western Union Company (NYSE: WU) is committed to helping people around the world who aspire to build financial futures for themselves, their loved ones and their communities. Our leading cross-border, cross-currency money movement, payments and digital financial services empower consumers, businesses, financial institutions and governmentsacross more than 200 countries and territories and approximately 130 currenciesto connect with billions of bank accounts, millions of digital wallets and cards, and a global footprint of hundreds of thousands of retail locations. Our goal is to offer accessible financial services that help people and communities prosper. For more information, visit www.westernunion.com.
About Beforepay
Beforepay (ASX: B4P) is an Australian fintech providing ethical-lending products to consumers. Beforepays wage-advance product enables its more than 750,000 registered users to borrow small amounts of money for short periods of time in a safe, affordable manner. The companys flagship product charges a fixed fee of 5%, with no interest, late fees, penalty fees, or other costs of any kind. For more information, visit www.beforepay.com.
Contacts
Western Union
Karen Santos; Karen.Santos2@westernunion.com
Saadia McGlinchey; Saadia.McGlinchey@wu.com
Beforepay
Kasey Kaplan; mediaenquiries@beforepay.com.au
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