Western Union Debuts New Payment Option for Amazon.com Shoppers in the Philippines
The Western Union Company (NYSE: WU), a leader in
cross-border, cross-currency money movement, today unveiled a new payment
option that allows Amazon.com customers in the Philippines to pay in local
currency for their Amazon.com purchases. The service is being offered initially
in 10 countries – Chile, Colombia, Hong Kong, Indonesia, Kenya, Malaysia, Peru,
Philippines, Taiwan and Thailand – enabling customers who prefer to pay in cash
to shop Amazon.com’s vast product selection.
Western Union’s platform is powering Amazon’s new
cross-border payment option, called Amazon PayCode, by processing the complex
foreign exchange, settlement and money movement requirements for international
e-commerce transactions.
After selecting PayCode on the Amazon.com checkout page,
customers will be sent a code, along with instructions on how to pay in person
at a participating Western Union® agent location. The move by Western Union and
Amazon will provide greater access to online goods for customers who have
largely been excluded from e-commerce shopping due to lack of accepted payment
methods.
Expanding Customer Access and Closing the Payments Gap
Forrester Research estimates that cross-border shopping
will represent 20% of e-commerce by 2022, with sales reaching $630 billion.1
Choice, quality and cost are the main motivations for customers to shop online
from overseas, but there are challenges and concerns about the lack of payment
options for those who prefer to pay in person or those who do not have access
to international credit cards or debit cards.
“We’re helping to unlock access to Amazon.com for
customers who need and want items that can only be found online in many parts
of the world,” said Khalid Fellahi, SVP and General Manager of Western Union
Digital. “This is a great example of two global brands innovating and
collaborating to bring customers more convenience and choice. In a world where
cross-border buyers and sellers are often located on different continents and
in completely different financial ecosystems, our platform is ideally suited to
solving the complexity of collecting local currency and converting it into
whatever currency merchants need on the other end.”
“Amazon is committed to enabling customers anywhere in
the world to shop on Amazon.com, and a big part of that is to allow customers
to pay for their cross-border online purchases in a way that is most convenient
for them”, said Mani Sundaram, General Manager, Emerging Payments, Amazon.
“Amazon PayCode leverages the reach of Western Union to make cross-border
online shopping a reliable and convenient experience for customers who do not
have access to international credit cards, or prefer to pay in cash.”
For more information about the new Western Union payment
option, visit https://www.westernunion.com/paylocal/ph/. For more information about Amazon PayCode
visit: https://www.amazon.com/paycode
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