The Western Union Company (NYSE:WU), a leader in global payment services, announced today that it will launch its international business payments service in the Philippines.
Petnet Inc. - a veteran Western Union Agent for consumer money transfer services - has signed an agreement to offer Western Union Business Solutions in the Philippines. Western Union Business Solutions provides cross-border business payments and foreign exchange solutions to small and medium sized businesses (SMEs).
"With a thriving import market for food products and beverages, textiles, chemicals, travel and wholesale/retail trade, the Philippines presents a compelling opportunity for our international business payments service," said Raj Agrawal, General Manager, Western Union Business Solutions.
"A large percentage of local businesses are small enterprises with many conducting cross border trade. Coupled with universal Western Union brand recognition in the country, we are poised to change the way international commerce is done in the Philippines," Agrawal said.
By adding Western Union Business Solutions to its product portfolio, Petnet can offer SMEs service delivery for global business payments at competitive exchange rates, to over 200 countries and territories.