Western Union intends to sign long-term agreements with Lagardère Services, Ortel Finance and PayUp to provide Western Union global money transfer services in France, The Netherlands, Germany, Belgium, Spain, Portugal, Switzerland, Romania and Poland.
The agreements expand Western Union’s presence in Europe. With over 15,000 retail locations across the continent, these companies bring potentially important retail expansion opportunities to Western Union.
Signing up these three companies as agents represents a milestone in Western Union’s strategy to capitalise on the opportunities offered by the implementation of the EU’s Payment Services Directive (PSD). Coming into effect on 1 November 2009, the PSD seeks to increase pan-European competition, innovation and participation in the payments industry by creating a single market for payment services. It also enables retailers and other non-bank organisations to offer a portfolio of worldwide payment services, previously only offered by financial institutions in the EU.
“The strategically important agreements with Lagardère Services, Ortel Finance and PayUp will allow Western Union to take advantage of the excellent growth opportunities presented by EU’s new Payment Services Directive,” said Hikmet Ersek, executive vice president and managing director, EMEA-APAC at Western Union. “The agreements will enable Western Union to strengthen its brand, expand its distribution network into retail and enhance further the convenience and premium service we offer to our customers.”
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