Western Union taps TrueMoney to expand fund transfer services

ABS-CBN News

Posted at Aug 10 2020 03:12 PM | Updated as of Aug 10 2020 03:44 PM

A customer counts Philippines peso notes after trading his US dollars for Philippine pesos in Manila. Jay Direco/AFP

MANILA - Western Union said Monday said it would collaborate with TrueMoney to expand its money transfer services in the country.

Western Union money transfers are now available at select TrueMoney branches, it said in a statement.

Financial service provider TrueMoney has 5,000 locations across the country, Western Union said in a statement. Consumers will be able to receive money at select TrueMoney branches and soon to its entire network, Western Union said.

“We are continuously adapting our operations and business, to offer customers the best service and experience. We are excited by the launch of our service with True Money, enabling customers to now access money transfer services at more locations across the country," said Jeffrey Navarro, Head of Network, Philippines, Malaysia, Brunei & Indochina, Western Union. 

The Philippines was the world's fourth largest country in terms of remittances received in 2019, Western Union said, citing Word Bank data. 

Remittances this year could contract by 5 percent due to the COVID-19 pandemic, from the previous assumption of a 3 percent growth, Bangko Sentral ng Pilipinas Gov. Benjamin Diokno earlier said.

The Asian Development Bank, meanwhile, estimated remittances to drop by 20.2 percent compared to 2018 due to the pandemic. 

Thousands of overseas Filipino workers were repatriated due to job loss and other global disruptions caused by COVID-19.