Financial services and communications behemoth, Western Union, shows interest in taking up cryptocurrencies to give users of its services an alternative choice to send money and remit for local fiat currencies, but only if it is adopted by the public globally
Western Union President, Odilon Almeida, said in an interview with Reuters Plus that the company is considering the application of cryptocurrency to their services to give users another means to send and receive money. At the same time, they are looking into how blockchain can enhance their money service conveyance.
Almeida noted three obstacles that hinder the mass adoption of cryptocurrencies which are price volatility (may be resolved by stablecoins), regulatory compliance, and governance.
Western Union is working with over a hundred currencies and countries worldwide. Remittances can be done through their agent locations or through the company’s mobile app.
Western Union Tests Ripple
Back in June, the company held a test run of Ripple’s system using XRP for international payments settlement. After six months of tests Western Union CEO, Hikmet Ersek remarked that cost-efficiency, efficient enough to overhaul the system, is yet to be seen. He follows that the company is open to use XRP if it realizes more efficiency.