Western Union Company WU acquires Brazilian digital wallet Te Enviei to expand its footprint in the Latin America market. The acquisition is likely to expedite WU’s efforts to market its financial ecosystem offerings in Brazil. The move builds on the momentum of introducing its digital banking in Europe. The digital wallet is expected to help clients with payments, remittances, and storage of funds. The Te Enviei buyout will likely help the company to speed up its planned technology-building process, enabling it to roll out its services faster in the region. Holding a banking license is helping Western Union expand its footprint in the country.
WU expects to launch its products in Brazil in the first half of next year. It will further simplify cross-border payments for its clients. The company is making substantial investments to build a robust digital arm to deliver accelerated and affordable money transfer services. The arm proved to be incredibly beneficial amid the rapidly growing digital economy, as people continue to resort to digital money transfers. The discontinuation of operations across Russia and Belarus in March 2022 has hurt digital money transfer revenues of the company. Expanding its operations amid rapidly digitizing economies in Latin America will support WU’s long-term growth.