Western Union unveils WU Pay

Banking Business Review reports.

The payment services provider says its WU Pay platform allows online shoppers in the US to pay for online purchases from their existing bank accounts or in cash at Western Union Agent locations worldwide.

Last year, Western Union acquired eBillme, an online payment platform, and the WU Pay service is based on this platform, Zacks states.

Western Union is intent on aggressively building its electronic payments segment due to rapidly decreasing technology costs, reduced operational and processing costs and an increasing trend towards online commerce.

So far, this payment option is available at hundreds of retailers, including Sears, Kmart, Buy.com, Tiger Direct, Redcats and American Eagle Outfitters. Other retailers, including Amazon.com, JC Penney, Home Depot, Dell and American Airlines, are allowing users to buy virtual gift cards that can be used on their Web sites, MSN Money says.

According to Western Union, customers are not required to share any account or credit card information (or other financial information) to make a transaction online.