The Western Union Company, a leader in cross-border, cross-currency money movement, and kakaobank, the largest mobile-first bank in South Korea, today announced the launch of Western Union digital money transfer services within kakaobank’s mobile app.
With the integration of Western Union’s cross-border functionalities with kakaobank’s mobile banking app, over 7.6 million kakaobank customers can now seamlessly send and receive international money transfers directly from their mobile phones, 24/7. kakaobank customers in Korea have the choice to send money directly into more than half a million Agent locations in more than 200 countries and territories, anytime.
“With the expansion of digital channels in full force, Western Union is excited to collaborate with kakaobank to deliver on a seamless digital customer experience,” said Odilon Almeida, President, Western Union Global Money Transfer. “As digital services have become an integral part of customers' daily lives, this launch provides customers with fingertip convenience, 24/7.”
Along with Australia, South Korea leads the Asia Pacific region in digital banking activities, according to research by The Asian Banker. Online banking transactions are rapidly shifting from internet banking to smartphone-based mobile banking in the country.
“Customer banking needs are constantly evolving, and access to efficient international digital money transfer channels is one of them. We are delighted to launch this service offering with a global leader as Western Union and provide our vast customer base with this enhanced digital money transfer capability. Western Union’s brand strength and its ability to connect the digital and physical worlds of money, coupled with kakaobank’s digital expertise and reach, will benefit customers looking for different options to send money,” said Daniel Yun, CEO, kakaobank.
Western Union has operated in Korea since 2001 and has more than 4,000 retail Agent locations1 in the country. Customers still have the choice to access these locations to send money transfers in-person, reflecting the company’s commitment to provide choice and options to connect to families and friends around the world.