Global remittance provider Western Union has partnered with the Australian ethical lending fintech Beforepay to offer consumers an innovative credit solution ‘Send Now Pay Later’
Expanding on the scope of BNPL solutions, Western Union and Beforepay launched an innovative financial product called ‘Send Now Pay Later’. It allows customers in Australia to access short-term loans for their cross-border money transfers.
By accessing Beforepay’s wage-advance product ‘Pay On Demand’ through Western Union’s mobile app and website, its Australian customers can borrow up to AUD $2,000 to be repaid in multiple installments.
Beforepay and Western Union share a vision of providing inclusive financial services to consumers around the globe. The new initiative goes in accordance with Western Union’s ‘Evolve 2025’ strategy to combine high-value, accessible retail, and digital financial services.
Moreover, a recent Western Union research showed that over 40% of Australian consumers would appreciate having the choice to ‘Send Now, Pay Later’ when transferring money worldwide.
Typically, Beforepay’s wage-advance product helps customers to overcome temporary cash-flow challenges. Customers can access a portion of their wages for a 5% fixed fee. The average advance Australian fintech offers to its customers is about AUD $400, repaid within three to four weeks. The total repayment should be made within 62 days from the cash-out date.
Registration to access the additional funds can be completed within a few minutes. Once a short-term loan is issued, customers are able to increase the amount of remittance they transfer.