Western Union has undergone a massive transformation in the past few years. The company which purely operated as a brick-and-mortar money transfer service has been heavily investing in digital money transfer and its positioned them ahead of the competition.
The money transfer industry has greatly evolved, thanks to technology. Internet connectivity around the globe has led to the rise of many digital transfer companies. The situation was even accelerated by the COVID-19 pandemic that discouraged the use of hard currency to transact.
With the growing demand for online money transfers, Western Union doubled down on digital remittance abilities and has come out as a digital front runner owing to its vast experience and resource mobilization. The company which has been in operation for more than 170 years has a presence in over 125 countries across the world.
Western Union focus on digital remittance
As mentioned earlier, the digital transfer industry has greatly been transformed by technology. Considering the fact that most people want to transfer money from one country to another and with ease, Wester Union was forced to change its tact
According to the company’s CFO and Vice President, Mr. Raj Agrawal, Western Union has heavily invested in digital payments in recent years, He said that the current money transfer landscape has greatly changed and that the Western Union was committed to meeting the demands of a modern customer.
“We have seen a significant increase in our revenues from digital payments over the last three years. There has been a growing number of people who want to send and receive money across the world in a much faster and convenient way and as a money transfer leader, we ought to meet the needs of our customers” said Agrawal.
Agrawal has played a pivotal role in putting Western Union as the digital front runner at the moment in terms of digital payments.
Last year alone, the company’s revenues from digital transfers rose by 35 percent. Agrawal believes more and more people are embracing online payments. This is likely to expand the WU’s revenues even further.
What is the future of digital payments?
The world is increasingly becoming digitalized in many ways. Many people today own smartphones and have access to digital the internet. What does that mean? People will prefer to use mobile money transfer methods compared to traditional banks.
Besides, the need for faster and convenient money transfer methods is constantly growing. This means that companies that will be able to offer such services will definitely attract more customers. It is for this reason the Western Union is investing in different technologies to make money transfer much easier and safer across the world.
Global payments network
Western Union offers the biggest digital global network, handling more than 130 currencies. Its platform integrates P2P payment connections for customers and other business partners. This unique capability makes WU union a world leader in global finance as well as digital payments.
The five major countries that dominate Western Union money transfer services include Germany, France, Australia, United States, and the United Kingdom.
Most of the company’s digital transactions happen in their over 550,000 retail locations spread across the world. But some customers are changing and opting to pay directly into the account payout network. This has largely contributed to the increased internet connectivity in many countries.
What payment options does Western Union offer?
The company provides both cards, bank, and wire transfer options depending on the country you are transacting from. For example, in the United States, you will find both bank, card, and wire transfer services.
Western Union has positioned itself as a digital front runner owing to its heavy investment in digital money transfers. The company which has been in the money transfer industry for over 170 years continues to adapt to the needs of its modern customers.