With a weekly average of $50,000 in remittance payments and almost 100% transparency, Cuentas changed the way people transfer money internationally. This app-based model has made it easy to send money anywhere with little hassle for less than the cost of a coffee at your local cafe.
This is only one example of how blockchain technology can be used outside its original use case as an alternative payment system.
Cuentas is a new app-based cross border money transfer service that allows users to send and receive funds with ease. Cuentas offers an easy way to move money between countries, no matter what the currency or exchange rate. Read more in detail here: money transfer services.
Cuentas is a renowned fintech company that serves the Hispanic and Latino populations with digital wallets, mobile banking, and payment solutions. Western Union’s local and international money transfer services have been incorporated into the Cuentas mobile banking app.
Clients of Cuentas may now transfer money to more than 200 countries and territories using the Cuentas mobile app. Users of the fintech platform may send money to family and friends practically anywhere in the globe using their Cuentas mobile banking app, which is powered by Western Union’s premier global cross-border, cross-currency platform.
The recipients may pick up their remittance in cash at any Western Union retail outlet after the money has been transferred. For the Latino community, Cuentas connects the worlds of digital, Western Union, and retail money transfers.
Western Union’s massive omnichannel cross-border money transfer capabilities are combined with Cuentas’ easy mobile banking and payments app for Hispanic and Latino populations in this new cooperation.
Together, the two companies may now transmit money via electronic and retail channels while providing a better customer experience from the moment the money is delivered to the time it is received. Jeff Johnson, CEO of Cuentas, said:
“In 2021, remittances to Mexico reached an all-time high, with more than $4 billion remitted from the United States to Mexico each month — the world’s single biggest remittance flow.” Our consumers now have a simple and reasonable option to transfer money not just to Mexico, but also throughout the globe, thanks to the integration of Western Union within the Cuentas mobile banking app.”
Molly Shea, the CEO of Western Union’s North American operations, said:
“Cuentas’ objective to expand its clients’ access to digital and conventional financial services aligns nicely with Western Union’s capacity to deliver quick and easy cross-border money transfers. We are reaching more clients, uniting families and communities, and improving lives via financial inclusion by making our strong platform and network available to third parties.”
