Western Union’s WU EDGE B2C Platform Competes with Bitcoin
Western Union has launched a new service WU EDGE that allows businesses to receive cross-border payments from customers within minutes. Competition from the digital currency sector has forced Western Union to introduce new fee-free network payment structure called WU EDGE. The new platform is slated to enable transactions between two parties in a matter of minutes. With WU EDGE, Western Union (NYSE : WU) intends to compete with Bitcoin-based remittance and payments platforms that have been offering instant transfers since their introduction. However, there are currency exchange charges....
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At the Money20/20 conference in Copenhagen, Western Union announced the launch of the WU EDGE platform, designed to provide increased transaction channels and analytics opportunities for Western Union small and middle-sized business clients. The Enterprise Digital Global Exchange (EDGE) is the new Western Union business-to-business digital platform which will make buying and selling overseas much more seamless and cheap. Given Western Union’s scale, the platform aims help business owners in the developing and developed worlds alike. Speaking to the potential impact of the platform, Kerry....
In an interview with Bloomberg, CEO Hikmet Ersek expressed a willingness to incorporate bitcoin into Western Union’s portfolio of world currencies “once bitcoin is regulated like a proper currency.” Perhaps even the world’s premier money transmitting service is coming around to bitcoin. But Ersek seems to find this a significant “if.” Western Union is the world’s largest money transmitting service. It deploys over 500,000 agents and 100,000 ATMs internationally. In an interview with Bloomberg, Ersek discussed the future of Western Union as it faces the spread and adoption of new....
Trademark applications seem to hint at an asset and commodities exchange, insurance, and Western Union’s own token as it faces increasingly diverse competition in the remittances market. Western Union may be preparing to offer crypto-related services, judging from trademark applications filed by the company last week. This is the latest of several attempts the company has made to enter the cryptoverse. So far, it has had limited success.Western Union filed for three trademarks on Oct. 18. According to trademark attorney Mike Kondoudis, activities covered by the applications include....
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Global financial services company Western Union is making a strategic move into the world of stablecoins, responding to the evolving landscape created by the recent passage of the GENIUS Act in the US. On Tuesday, the company announced its intention to launch the US Dollar Payment Token (USDPT), a new stablecoin, alongside its Digital Asset Network designed to integrate digital and fiat currencies. Western Union New USDPT Stablecoin Built on the Solana (SOL) blockchain and issued by Anchorage Digital Bank, USDPT aims to broaden the options for transferring money for customers, agents, and....