Western Union is readying for its launch in Latin America following the acquisition of Te Enviei, a Brazilian digital wallet, for an undisclosed sum.
With this deal, Western Union plans on introducing its digital wallet to customers in Brazil, enabling them to store funds, send money domestically and overseas and pay bills through their phones.
The company expects its products to go live in Brazil in the first half of 2023.
“Brazil is a strategically important market where we already hold a banking licence, and it is a highly digitised banking market,” says Ricardo Amaral, president of Western Union Brazil. “Additionally, our internal research indicates that many Brazilians are looking for financial products that can address their needs in a global economy.”
The move follows Western Union’s European launch of its digital banking offering in February this year.
The company says it will disclose further details regarding its strategic plans and digital banking offerings on its upcoming investor day on 20 October.