Western Union Bolsters its Global Digital Cross-Border Payments Leadership
November 23 2020 - 8:00AM
Business Wire
Expands Real-time Payout into Billions of
Bank Accounts to 100 Countries
Western Union (NYSE: WU), a global leader in cross-border,
cross-currency money movement and payments, announced it has
expanded real-time digital payout capabilities into 100 countries
reaching billions of bank accounts.i For decades, Western Union
already paid out in minutes into 550,000 agent locations in 200
countries and territories. The goal to expand real-time payout into
bank accounts, wallets and cards was announced at the 2019 Investor
Day where the company said it would reach the 100-country milestone
in 2020.
Expanding real-time payout capabilityii is a key focus of the
Company’s digital growth strategy which centers on growing its
industry-leading digital services offered through westernunion.com
and digital partnerships. Together, the two growth drivers grew
digital revenue 45% year-over-year in the third quarter of 2020,
representing 21% of Western Union’s consumer business and trending
at an annual rate of over $900 million.
With a continued expansion of its global network, Western Union
is poised to become the world leader in offering multiple real-time
pay-in and payout options worldwide through its cross-border,
cross-currency platform that seamlessly integrates local
regulation, compliance, channels, currency, and language. The
capability translates into a payment experience of convenience,
choice, trust for Western Union's current and new consumers and
businesses, and a growing band of partners representing the
financial, telecom, and tech sectors.
"Our strategy is purpose-built for where the world is headed,
and with rapid execution with global scale, we are powering the
world's cross-border payment momentum with a globally diverse
network to serve payment solutions, anytime and anywhere," said
Jean Claude Farah, Western Union President Global Network.
Shelly Swanback, Western Union President Product and Platform,
added, "Our comprehensive, global cross-border and cross-currency
platform continues to advance towards setting the standard for
international payments and money movement to serve an ever-broader
array of customers. No matter if you are a consumer, business,
technology player, government entity or an NGO, or where you
commence your payment journey, our flexible model can meet your
needs with ease, flexibility, and confidence."
Western Union reported Digital transaction growth of 96%,
including 53% for WesternUnion.com, and significant incremental
growth from digital partnerships in the third quarter of 2020. The
Company led its peer group for mobile app downloads with a wide
margin and reported strong customer engagement with WU.com's
average monthly active customer growth of 47%.
The Company's digital partnerships, which represent an
incremental growth opportunity beyond its WesternUnion.com
business, are characterized by enabling third-party entities to use
Western Union's global cross-border, cross-currency platform. For
example, Western Union provides money transfer services that allow
stc pay's users to send money from its app to 200+ countries and
territories in 130+ currencies through Western Union's extensive
global network of bank accounts and wallets, cards, and retail.
WU-G
About Western Union
The Western Union Company (NYSE: WU) is a global leader in
cross-border, cross-currency money movement and payments. Our
omnichannel platform connects the digital and physical worlds and
makes it possible for consumers and businesses to send and receive
money and make payments with speed, ease, and reliability. As of
September 30, 2020, our network included over 550,000 retail agent
locations offering our branded services in more than 200 countries
and territories, with the capability to send money to billions of
accounts. Additionally, westernunion.com, our fastest growing
channel in 2019, is available in over 75 countries, plus additional
territories, to move money around the world. With our global reach,
Western Union moves money for better, connecting family, friends,
and businesses to enable financial inclusion and support economic
growth. For more information, visit www.westernunion.com.
i Real-time payout capabilities are available to bank accounts
and/or wallets or cards in 100 countries with select partners or
banks.
ii Service and funds availability depends on certain factors
including the Service selected, the selection of delayed delivery
options, special terms applicable to each Service, amount sent,
destination country, currency availability, regulatory issues,
consumer protection issues, identification requirements, delivery
restrictions, agent location hours, and differences in time
zones.
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version on businesswire.com: https://www.businesswire.com/news/home/20201123005708/en/
Western Union Global Communications; Pia De Lima;
Pia.DeLima@westernunion.com Western Union Middle East & Africa:
Mohamed El Khalouki; Mohamed.ElKhalouki@wu.com Western Union
Asia-Pacific: Karen Santos; Karen.Santos2@westernunion.com Western
Union Foundation: Emily Larson; emily.larson@wu.com
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