Saudi Arabia’s digital payments sector is experiencing rapid growth, with financial technology playing a key role in modernising transactions.
In this evolving landscape, Urpay has partnered with Western Union to integrate international remittance services into its digital wallet, offering users a seamless way to send money abroad.
The move supports the country’s Vision 2030 strategy, which promotes financial inclusion and a shift towards a cashless economy.
Urpay’s Growing Role in Saudi Arabia’s Digital Payments Sector
Urpay, launched in 2021 by NeoLeap, is one of the leading digital wallets in Saudi Arabia, boasting over 6.5 million users. The platform offers a wide range of financial services, including mobile top-ups, bill payments, and exclusive deals, in addition to money transfers.
The integration of Western Union’s services strengthens Urpay’s position as a comprehensive financial technology platform. Through this partnership, customers can send funds to bank accounts, mobile wallets, or opt for cash pickups at Western Union agent locations in selected countries.
Western Union’s Expanding Presence in Saudi Arabia
Western Union has been operating in Saudi Arabia since 2000, working through various partnerships to provide international money transfer solutions. With a strong global remittance network, the company allows customers to transfer funds across more than 200 countries and territories.
According to Giovanni Angelini, president of Western Union’s Europe, Middle East, and Africa division, this collaboration reflects the increasing demand for digital remittances.
“Collaborating with urpay means we can further address their growing demand for digital money transfers, so that consumers can send money abroad with convenience and ease,” he explained.
Financial Inclusion and the Impact on Remittances
Saudi Arabia is one of the world’s largest remittance-sending countries, with a significant expatriate workforce. The partnership between Urpay and Western Union is expected to improve financial accessibility for individuals who rely on digital channels for sending money home.
Abdullah Al-Ibrahim, CEO of NeoLeap, emphasised the importance of secure and reliable financial services in enhancing financial inclusion.
“We are pleased to collaborate with Western Union to enhance financial inclusion by offering multiple options for financial services. Our goal is to ensure a secure and reliable international money transfer experience through the urpay digital wallet.”
A Strategic Move In the Evolving Fintech Landscape
The collaboration between Urpay and Western Union highlights the increasing convergence between traditional financial services and digital payment platforms. As fintech adoption continues to grow in the Middle East, partnerships like this one are likely to shape the future of international remittances.
This development also reflects a broader industry trend, where established money transfer operators seek to integrate with digital-first platforms to meet shifting consumer preferences.
Earlier this month, Western Union announced a similar partnership with Penny Pinch, a digital wallet provider in the Eastern Caribbean, indicating a strategic push towards digital financial solutions.
