Business Wire India
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.
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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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