SEOUL, South Korea--(BUSINESS WIRE)--Hanpass, one of the leading fintech companies in Korea, today announced the launch of international money transfers from the Hanpass mobile app, with Western Union, a leader in cross-border, cross-currency money movement and payments, following the recent agreement between the two companies.
Hanpass customers, with a few clicks, will now be able to send money from Korea for pay-out in cash across Western Union’s global network in more than 200 countries and territories, in minutes1, thus opening a world of connectivity across borders. Customers will also soon be able to send money to bank accounts in select countries.
Customers can pay for transactions within the app via direct transfers from their bank accounts set up in Korea, providing convenient and user-friendly customer experience. Prior to linking up with Western Union’s global network, customers were limited to sending money to 52 countries.
“Hanpass is excited to work with Western Union to connect customers with their loved ones around the world. It is still a Hanpass branded money transfer powered by Western Union to be paid out around the world. Innovative collaborations such as these will continue to shape global business models in the race to enhance customer experience and win and retain their loyalty,” said Kim Kyung Hoon, CEO, Hanpass.
“We are excited to collaborate with Hanpass. This service is a unique integration of our strengths as we continue to drive breakthrough connections by enabling national enterprises to scale their business offerings worldwide, leveraging our cross-border platform and global network.
“We are enabling individuals and other businesses to move easily between the digital and physical worlds of money, using the combination of our iconic retail and fast-growing digital network,” said Sohini Rajola, Head of Network, Middle East and Asia Pacific, Western Union.
Western Union has opened its cross-border platform to power other brands to move money and enable international cross-border payments in minutes by leveraging its core cross-border assets – including global settlement capabilities, compliance, operations, network, and technology systems.
Customers are required to download the Hanpass app, available for both iOS and Android users, and register. A verification note will be sent to their registered mobile number. Once the registration is complete, customers can then follow instructions for ID verification. Acceptable ID’s include Passport for foreign nationals, and National ID Card or Driver’s License or Passport for citizens. Once the ID is verified, customers can then register their bank accounts by following the simple instructions on the app. Once the bank accounts are registered, customers can then send money through the app.
1. Funds may be delayed or services unavailable based on certain transaction conditions, including amount sent, destination country, currency availability, regulatory and foreign exchange issues, required receiver action(s), identification requirements, Agent location hours, differences in time zones, or selection of delayed options. Additional restrictions may apply. See Terms for details.
About Western Union
The Western Union Company (NYSE: WU) is a global leader in cross-border, cross-currency money movement. Our omnichannel platform connects the digital and physical worlds and makes it possible for consumers and businesses to send and receive money and make payments with speed, ease, and reliability. As of June 30, 2019, our network included over 550,000 retail agent locations offering Western Union, Vigo or Orlandi Valuta branded services in more than 200 countries and territories, with the capability to send money to billions of accounts. Additionally, westernunion.com, our fastest growing channel in 2018, is available in more than 70 countries, plus additional territories, to move money around the world. With our global reach, Western Union moves money for better, connecting family, friends and businesses to enable financial inclusion and support economic growth. For more information, visit www.westernunion.com.
Hanpass is a leading Korean fintech company providing remittance and O2O currency exchange services via mobile app services. Hanpass enables its users to safely send money across borders without going through the hassle of making local bank accounts and physically going through identification process by simply completing mobile identification process. Moreover, Hanpass differentiated itself from traditional banks using SWIFT network to wire transfer by forming strategic alliance with MTO (Money Transfer Operator) partners like Western Union, which significantly reduced the time required to send money out of the country from 3~5 days to an almost instant transfer with much lower fees. With solid industry experience and knowhow along with global financial network base, Hanpass is sprinting towards becoming a true global platform offering an effortless cross border remittance, currency exchange and cross border payment experience for customers.