Mobile payment solutions are the new hype right now, as consumers from all over the world are looking for more convenient ways to pay for goods and services. No one would have expected Viber to become a major player in the financial world anytime soon, but their recent partnership with Western Union shakes things up quite a bit. While Bitcoin remains a cheaper remittance solution, this partnership has a lot of potential.
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Mobile Remittance With Viber
In this day and age, there are so many different social messaging applications that it becomes hard to keep track of them all. Viber is one of the more established solutions in this segment, as they serve over 664 million unique users around the world. By offering free VoIP phone calls from a mobile device, as well as a messaging service, Viber has quickly become one of the top social apps available today.
Such a rate of success does not go by unnoticed, and Viber has caught the attention of Western Union. People will know this company from their remittance solutions to send cash around the world in a matter of minutes. When mobile messaging and global payment meet, something interesting is created on the spot.
This partnership between both companies will let Viber users send money to anyone in the world, without even having to visit a Western Union office. That being said, this feature will only be available to US users, and there will be a pickup limit of US$499 per transaction. At the same time, users will be able to collect funds from any Western Union location in the over 200 supported countries.
There is no denying mobile payments are becoming more popular, and Viber has a large user base to target. Western Union makes remittance solutions straightforward, and their partnership creates a user experience for hundreds of millions of users around the globe.Sending money from the comfort of one’s mobile device is an excellent use case for remittance providers.
Keeping in mind how people use social messaging applications such as Viber to stay in touch with friends and family, it only makes sense to leverage the power of instant money transfers through such a platform. The Western Union is the first step along the way for Viber venturing into the world of mobile payment solutions.
Bitcoin Remains Cheaper But Lacks Adoption
On paper, it would make more sense for companies such as Viber to integrate Bitcoin into a remittance tool. The popular digital currency is cheaper and offers a global appeal as well. Plus, services such as Bitpesa are already working with Bitcoin in the remittance sector, to a moderate level of success so far.
At the same time, Bitcoin lacks adoption in both developed and emerging markets. Western Union is the market leader in the remittance sector, and it will take a lot of time until Bitcoin can become a contender. That being said, the modern digital currency offers cheap and instant transfers around the world, regardless of which device is being used.
What are your thoughts on the partnership between Western Union and Viber? Let us know in the comments below!
Source: Finextra
Images courtesy of Viber, Western Union, Shutterstock