Mobile Payment Magazine

Western Union Launches New Foreign-Exchange Payment Service Via Mobile

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The Western Union Company has introduced a new foreign-exchange (FX) payment service that will enable small and medium-sized enterprise (SME) business clients to make payments from their smartphones.

The new mobile-friendly payment service is now available in countries where Western Union currently offers online payment and FX services through its Business Solutions division, including the United States, Canada, the United Kingdom, Germany, Italy, France and Australia.

The new mobile service is designed for busy professionals and offers an intuitive interface for customers making international business payments. The service, which offers more than 140 currencies to choose from, allows users to make payments to suppliers in global markets anywhere, anytime, and lock in a currency-exchange rate and fee before transferring funds.

“The sheer demand for innovative mobile services is evident, and our clients want to take advantage of new m-payment options,” said Raj Agrawal, General Manager, Western Union Business Solutions. “This new mobile payment service not only makes it easier to transfer funds globally to foreign suppliers and workers but also offers the ability to take advantage of foreign currencies when making international payments.”

According to an IEMR Global Mobile Payment Market Forecast report, mobile payments will reach 1 billion users and the $1 trillion transaction mark in the next five years. To take advantage of this growing market opportunity, this service will allow Western Union Business Solutions clients and partners the ability to take advantage of diverse foreign-exchange payment solutions that are flexible and easy to use.

Source: Business Wire

Boku Provides Mobile Payment Solutions in France and Korea

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Boku, a London-based mobile payments platform that allows customers to make payments via their mobile phones, has inked deals in France and Korea. The French deal will reach nearly all 55 million mobile customers in the country. According to mocoNews:

“In France, it’s inked a deal with the French Association of Mobile Multimedia (AFMM) and the three big French mobile operators that lead it, Bouygues Telecom, Orange France and SFR. The AFMM, founded in 2005, counts as members several smaller mobile operators in the country such as Auchan Telecom, Debitel, NRJ Mobile, Omer Telecom, as well as publishers and other service providers, so this agreement will essentially cover almost all of France’s 55 million mobile users. In Korea, Boku has signed a deal with Mobilians, which works with various content providers to enable mobile payments on their sites, to be enable a service for people to use their mobile telephone numbers to make the payments.”

via mocoNews.