Western Union has Positive Outlook towards Cryptocurrency & Blockchain

In a recent post titled "Cryptocurrency Counter Argument", Western Union has shown a positive inclination towards cryptocurrency and blockchain usages in international money transfer.

The post emphasized on cryptocurrency usages as a pure currency. At the same time, it recognized the fact about underlying blockchain technology for storing and exchanging information about trades in an efficient and effective way along with other financial services. Western Union is investing in the potential application of blockchain in financial service on their platform.

Western Union (WU) also confirmed its ongoing tests with Ripple Labs about sending payments using blockchain in faster and cost-effective (inexpensive) ways.

Previously, WU applied for a patent to secure electronic payment transfers mentioning methods based on blockchain technologies.

In ReutersPlus video, Western Union Global Money Transfer President, Odilon Almeida, said, "There are two elements to the cryptocurrency. The first one is the digital currency itself and the second one is the technology behind it: blockchain. Cryptocurrency might become one more option for a way for assets to be exchanged between people and countries. If that happens we would be ready to launch."

The three key challenges in acceptance of cryptocurrency are governance, compliance, volatility and Western Union is ready to invest in resolving these challenges, the post mentioned.

The post also touched upon the fact that Western Union is positioned to benefit from the crypto-currency movement in the long-term as it already deals with money transfer across 130 countries.

It is still not clear if WU will go with Ripple or use its own blockchain technology for their usages. But it is clear that WU is serious about the future of blockchain technology in financial services.