Western Union and Penny Pinch Launch Money Transfer Services

 

Western Union and Penny Pinch on February 5, 2025, announced that they have launched international money transfer services on the Penny Pinch app. The new co-branded service promises to enable St. Lucians to send and receive money globally.

The companies are targeting a market which sees inflows of over US$ 61 million annually. Globaleconomy.com indicates that the latest value from 2023 is 62.89 million U.S. dollars, an increase from 61.99 million U.S. dollars in 2022.

In comparison, the world average is 4590.03 million U.S. dollars, based on data from 184 countries. Historically, the average for Saint Lucia from 1983 to 2023 is 28.52 million U.S. dollars.

Penny Pinch Inc. is a licensed and regulated money services business (MSB) which says that its mobile app enables the 'banked' and 'underbanked' to open a mobile wallet account within minutes and have access to a range of merchants, bill payments, P2P, loyalty and rewards, mobile top-up, and remittance services, backed by a secure platform.

Western Union offers cross-border, cross-currency money movement, payments and digital financial services across more than 200 countries and territories and over 130 currencies.

Penny Pinch is offering customers cashback, rewards from retailers, and access to coupons to incentivize participation.




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