Visa Pushes Cards for Money Transfer In Latin America
Joel Millman, Robin Sidel, and Carlta Vitzthum report in the Wall St. Journal on Visa's focus on growing the use of card-based money transfers among Latin American migrant workers.
The moves by Visa and banks are challenging the role of Western Union, which has a 14% market share in the fragmented money-transfer business but a much larger share -- as much as 50%, according to some estimates -- of the remittance market to Latin America. Western Union says it can also profit from proliferation of debit cards, since migrants can still use Western Union to wire cash directly into their relatives' card accounts back home.
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