The global payment service provider Western Union has launched a new platform that allows companies to receive customer payments within minutes.
Increasing competition from the digital currency market has apparently pushed Western Union to launch a new service called WU EDGE. The new platform offers free B2C transactions around the globe. Western Unions (NYSE:WU) WU EDGE was apparently created to compete with the Bitcoin payment service providers who have been offering such a direct payment service since its inception. Nevertheless, WU EDGE does not charge users an exchange rate fee.
WU EDGE, a first attempt to keep pace with cryptosoft
Until recently, there were very few ways for people to easily send money across geographic boundaries like this https://www.geldplus.net/en/cryptosoft-review/. Those who work with their families in advance, do business with international clients or are involved as freelancers in global cryptosoft projects were usually only able to make costly bank transfers, MoneyGram or Western Union. In all cases, the client had to accept high transaction and exchange rate fees. Depending on the transaction volume, a proud sum can quickly come about. But things have changed since Bitcoin and other digital currencies entered the global financial world.
Bitcoin has quickly mixed up the entire financial sector with fast transaction times and very low transaction fees within just a few months. The blockchain technology underlying the digital currency is also currently causing a sensation. Many banks and large corporations are putting the technology through its paces, because everyone is hoping that integration will bring great benefits to the otherwise inefficient financial world. Since Bitcoin is based on an open source solution, companies can integrate the technology relatively easily and benefit from faster and cheaper transactions. Away from the high transaction fees at Western Union & Co.
The WU EDGE (Union Enterprise Digital Global Exchange) platform was created by the Western Union Business Solution, the developer arm of the Western Union Company. WU EDGE is currently available in seven countries, including Germany, Austria, France, Italy, Hong Kong, Poland and the Czech Republic.
In a statement, the crypto trader of Western Union Business Solutions Kerry Agiasotis said:
“Overseas crypto trader have never been as easy as it is today. Today, we can complete an international transaction in just a few minutes. Since the launch of the WU EDGE platform, crypto trader companies have been using the service to expand their competitive advantage, create jobs and invest.”
WU EDGE continues to strive for a platform that brings buyers and sellers together and offers real-time payments. Bitcoin, on the other hand, enables every individual on earth to make a transaction, whether it is a company or an individual.
In the future we will probably see more of those platforms that will try to compete with digital currencies.
At the end of the day, the customers will benefit in any case and the expensive “monopoly” of the few providers will come under increasing pressure.