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’
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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.
