Western Union Expands Its Digital Services
Western Union (NYSE: WU), a leader in cross-border and cross-currency money movement, today announced the expansion of its digital money transfer services, the fastest-growing part of its business in 2019, to over 75 countries, and payout into a global network of four billion accounts and wallets across 100 countries, in addition to a vast agent retail network in 200 countries and territories.
Western Union’s digital global expansion has been a strategic pillar for years, and today is available across every continent of the world. The Company’s digital services purposefully capture all the top 20 of the world’s primary remittance sending countries ranked by the World Bank. Equally, the Company’s global account and wallet payout network covers the world’s major remittance receive countries.
Western Union’s digital services has consistently delivered double-digit revenue growth over the last few years through 2019. Its combined send and receive digital scale set the standard for international money movement. The end-to-end digital payments experience is an advantage to customers providing an option for online services, following locally directed community restrictions and stay-at-home orders as a result of COVID-19.
Western Union has also been working with its agents, partners, and regulators across the world to continue to provide money transfer services as an essential service to communities during the current COVID-19 crisis. These efforts include easier onboarding or assisted services such as the recently announced ‘Digital locations’ available in select countries.
“Western Union’s strong balance sheet and financial position allows us to continue to expand our digital services to more people than ever before, in more parts of the world, including the world’s largest sending and receiving countries, especially during these challenging times,” said Western Union President and CEO Hikmet Ersek.
Ersek said, “We are proud that our digital strategy, prioritized years ago, is enabling real-time digital payments for customers and businesses. We are humbled to serve an ever-broader array of customers, giving them greater ease, access and confidence in every transaction they make, while upholding what matters most to them – speed, reliability, convenience and trust. This is even more important during these challenging COVID-19 times. While the vast majority of our retail network remains open, some of our retail locations in certain areas have been impacted by local government closure directives.
“Money flows are a vital source of income for many of our customers, including our business clients and partners. Amid the current uncertainty, we are doing everything we can to keep money moving to where it is needed most, across the world.”
Western Union services today:
From approximately 75 countries, customers can send money around the world, check prices and exchange rates, and track their transfers through either westernunion.com or https://www.westernunion.com/us/en/mobile-app.html partner led digital platforms in several countries such as Canada, France, Italy, Russia, South Korea and Saudi Arabia.
Shutdowns related to COVID-19 have impacted some Western Union Retail Agent locations with altered operating hours or closures, globally. At this time, however, customers everywhere are encouraged to use the global Agent Locator tool to be sure of the status and hours of their nearest location, which is updated three times a day.
On March 26, 2020, Western Union announced the launch of a new channel – Digital Location – to enable customers in Austria, Belgium, Italy, Portugal and Oman to connect in multiple languages via a voice or video call to a money transfer personal-service assistant who will help them through the transaction. Customers will electronically complete their transaction funded by cards for payout into Western Union’s Global Network.
Western Union Business Solutions continues to serve its small, medium and corporate client base with cross-border, cross-currency payments including specialized solutions for verticals like Financial Institution, Education, Legal and Non-governmental organization.
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 December 31, 2019, 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.