Western Union launches 'send now, pay later' in partnership with Beforepay

Western Union and Beforepay announced their partnership on Friday last week. Through the cross-border payments website or mobile app, registered users will have access to Beforepay’s wage-advance product.

Western Union and Beforepay’s collaboration

By combining remittances and loaning, Western Union and Beforepay have launched the ‘send now, pay later’ offering in Australia. The unique collaboration will have consumers borrow up to AUD 2,000 by using Western Union’s website or mobile app to access Beforepay’s wage-advance product.

Upon successful registration, which should take a few minutes, the user will have access to funds that are payable in instalments. Subsequently, one can make cross-border money transfers via Western Union to over 200 nations.

With regards to the collaboration, Western Union’s Regional VP of Australia, New Zealand and the Pacific Islands, Gregory Laurent stated, “Western Union’s mission is to make financial services accessible to people everywhere. Our collaboration with Beforepay is another step towards achieving this mission - giving customers the opportunity to access additional funds as they send money to families and communities.”

About the partners

Beforepay (ASX: B4P) is an Australian fintech company that avails various credit products to its customers. It serves over 750,000 users by providing loans that attract a fixed rate of 5%. Interestingly, it does not charge any late fees, penalties, or interest. On average, customers get about AUD400. The payments are made within a span of about 3 to 4 weeks.

On the other hand, Western Union is a cross-border money transfer and payments giant whose products and services are available to individuals, businesses, and governments in over 200 countries.

Notably, the recent collaboration with Beforepay is part of its Evolve 2025 strategy. The focus of this plan of action is to combine high-value and accessible retail as well as digital financial services.