Western Union Acquires Te Enviei Digital Wallet

The Brazilian digital wallet Te Enviei was purchased by the Western Union Company WU in order to increase its presence in the Latin American market. The purchase is probably going to speed up WU’s efforts to market its financial ecosystem products in Brazil. The action continues the momentum created by the company’s introduction of digital banking in Europe in February.

Clients should find the digital wallet useful for payments, remittances, and money storage. The company’s planned technology-building process will probably be accelerated by the Te Enviei acquisition, allowing for a quicker launch of its services in the area. Western Union is growing in the nation thanks to its possession of a banking license.

In the first half of next year, WU plans to introduce its products in Brazil. For its clients, it will make cross-border payments even simpler. To develop a strong digital arm that can offer quick and inexpensive money transfer services, the company is investing heavily. As people continue to use digital money transfers, the arm has proven to be extremely helpful in the quickly expanding digital economy.

Revenues from digital money transfers have been negatively impacted by the company’s decision to cease operations in Russia and Belarus in March 2022. WU’s long-term growth will be supported by the expansion of its operations amid the rapidly digitising economies in Latin America.

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