The Western Union Company (NYSE:WU), a leader in global payment services, announced today that it will launch its international business payments service in Peru.
A. Serviban S.A. - a veteran Western Union Agent for consumer money transfer services - has signed an agreement to offer Western Union Business Solutions in Peru. Western Union Business Solutions provides cross-border business payments and foreign exchange solutions to small and medium sized businesses (SMEs).
The global cross-border SME payments market is estimated to be similar in size to the consumer cross-border remittance market, with estimated global revenues of over $20 billion.
"Peru presents a fantastic opportunity for our international business payments service, given the variety of industries at work there," said Raj Agrawal, General Manager, Western Union Business Solutions. "The combination of Western Union's brand recognition in Peru, along with the large number of local enterprises conducting cross-border trade, means that we can really help improve the way international trade is done in Peru."
Peru is one of the high growth economies in Latin America with a total population of almost 30 million people. Peru has annual imports estimated at more than $25 billion, along with an estimated one million micro, small and medium-sized enterprises.
By adding Western Union Business Solutions to its product portfolio, Serviban can offer SMEs service delivery for global business payments at competitive exchange rates to over 200 countries and territories.