The agreement with Tiendas Neto further strengthens Western Union’s ability to help millions of consumers in Mexico conveniently send money worldwide. Customers may choose for their funds to be paid out into billions of bank accounts, millions of mobile wallets, or across Western Union’s substantial global network of retail locations.
“Western Union’s goal of enabling millions of connections between family and loved ones to send or receive money globally and locally continues to grow, while evolving our offerings to include expanded digital services and a streamlined retail customer experience,” Pablo Porro is the Head of Western Union Mexico & Central America. “Teaming with Tiendas Neto will help us continue to expand our operations across Mexico, while adding more convenience for our customers by giving them the opportunity to send or receive remittances closer to or from their homes.”
Luis Gerardo Ruíz Ojeda, General Manager of Tiendas Neto, said, “We are extremely excited to add Western Union’s industry-leading global financial services platform to our portfolio, providing a convenient and reliable channel for our customers to send remittances. In doing so, our consumers can now send money to friends and family from any of our locations using one of the most trusted brands in the world.”
Mexico’s economic growth continues to be driven by remittances, which are a vital part of supporting families’ livelihoods in Mexico. Banxico estimates that Mexico received $51,593.9 trillion dollars in 2021, 27.1% higher than in 2020. Likewise, remittances already represent four percent of the country’s GDP, which has served as a lifeline for families that depend on this income.