The Washington Independent
The Washington Independent
Finance News: Western Union a digital front runner in global payments

Finance News: Western Union a digital front runner in global payments

Jun 09, 2021 21:00
Elyse Woods

Table of Contents

How Western Union became a digital front runner in global payments

Recent financial data shows Western Union is leading global payments network serving over 150 million customers in over 200 countries worldwide for the last 170 years. The deal just got better for their consumers as the transaction giant introduced, a digital platform that allows clients to make instant payments and transfers across the globe.

How Western Union became a digital front runner in global payments

During the 2019 Investor Day, the company announced its goal to expand real-time payments into wallets, bank accounts, and cards. They added that they would have reached a milestone of 100 countries by 2020.

The company claims that its central purpose has always been to better the experience of customers using their services and make international transfers less stressful for every individual. This goal led to the birth of, a platform that made their dream of seamless transactions come true and caused a magical growth in their revenues during and after the pandemic.

According to the company’s Vice President and CFO, Raj Agrawal, the remittance market is worth $700 billion. He says that half of this revenue lies under the care of banks since most people use these institutions to transfer funds globally.

It believes that they have enough experience to be a branded partner or white label provider to these banks and offer them a turnkey solution for transferring funds across several countries.

As a result, the company partnered with the fintech Saudi Digital Company (stc pay) since millions of migrants living in Saudi Arabia would love to transfer funds worldwide. Again, this strategy paid off their efforts and significantly contributed to their year-over-year growth.

Fortunately, most global consumers now prefer digital services when transferring funds, leading to a double-digit digital development. The revenues they accrued from digital transfers, including income from their digital partnerships commercial and website, have grown to over $850 million in 2020, up from 2019’s over $600 million.

During the first quarter of 2021 (Q1), the company reported a growth of 45% in their year-over-year revenue, which equals over $240 million. Due to the growing returns, Western Union estimates their digital revenue will hit $1 billion during the year.

Agrawal cites that their commitment to quality digital customer experience and good services has paid off and is part of their development reasons. He reports that digital cross-border transactions contributed to 34% of their transfers and 23% of income for their customer-to-customer segment in Q1. He also added that this service was the primary function for the rise of new consumers and increased profits.

Similarly, the 2021 Q1 marked their fourth quarter in a row, for recording transaction increment of 50% and above, with average monthly active user growth hitting 46%. The Western Union app downloads also beat the top four of their competitors at a wide margin of 78%.

Western Union recorded significant growth in customer-to-customer transactions amid the pandemic, led by increased digital money transactions. C2C transactions rose by 9% during the 2021 Q1, while the revenues (including and digital partnerships) increased to 45%.

The company’s digital services receive massive support in several countries, with the five top players being:

  • United States of America
  • United Kingdom
  • Australia
  • France
  • Germany

Western Union is the digital leader and front-runner in all the top countries and is the preferred partner in four out of the five. By now, the company’s virtual services are available in over 100 countries.

Additionally, it has recorded impressive developments on all its digital products and has become a front-runner in virtual money transfers. They are dedicating the remaining part of 2021 towards boosting their consumers’ digital experience. Western Union digital transactions have significantly grown both in terms of revenue and reach. It’s only evident that the future is brighter for the company and its lucrative products.

Elyse Woods | As a product marketing manager, I've had the opportunity to help a variety of companies improve their sales margins and audience reaction to new products. Since I am passionate about product perception, marketing, and company statistics, I have brought commitment and positive results to the companies with which I have worked. What makes a product successful fascinates and inspires me.


Top 6 assignments business students usually complete

Are you already a proud business school student or still hesitating whether it’s worthwhile to get an MBA degree? Either way, you’ve probably heard a lot about how rigorous MBA training usually is.

Benefits of technological decentralization in businesses

Benefits of technological decentralization in businesses

The Biggest Wins in Poker History

Outside of organised sport, poker is one of the most popular pastimes on the planet by players from Las Vegas to Laos and everywhere in between. One of the many reasons for poker’s popularity is the riches that the game can offer to those successful enough to consistently win the top prizes.

Drive more traffic for your currency exchange website to increase growth

The currency exchange market is constantly evolving so in order to have an edge over your competitors, you must be up-to-date with the latest trends and development in your industry.

The gambling scene in Washington — what is its future?

Things are looking up for fans of gambling in the United States of America. Many more states are warming to the idea of legalising sports, after US federal laws changed in 2018.

Top 5 publicly traded gun company stocks

For just a long time, the market for gun company stocks has indeed been completely ignored. Even so, even as the whole world becomes increasingly chaotic, firearms are mainly motivated by the demand for self-protection. This has resulted in an unprecedented rise in weapons sales throughout the US.

How to exchange ETH to BTC

Cryptocurrency exchangers are very popular with users of digital money networks. This is due to the fact that not everywhere you can pay with bitcoin, ether or other crypto-coins, however, you can buy any product or service with them, having previously exchanged for fiat (traditional money).

How to help your business make more money with technology

With technology constantly evolving, there is an increased demand for innovation and technology. This has led to a spike in eCommerce, which means more sales for businesses! Unfortunately, doing things the same way they have been done is not always the best course of action when it comes to marketing.

The industries utilising e-wallet payment methods

An increasing amount of consumer transactions are taking place over the internet, last year over 779 billion digital payments took place across the world. This figure is expected to grow by around 13 percent each year and more people enjoy the convenience and accessibility of spending money online.

Is online bingo legal in Washington state?

Online bingo is growing rapidly, with players everywhere noting the benefits of gaming from the comfort of home. Exciting, engaging, and best of all, offering a real chance to scoop the jackpot, bingo is enjoyed by millions worldwide.

6 Ways to increase the value of your home before selling it

When you are looking to sell your home, you want to make sure you sell it for a good price. Luckily, house prices normally go up over time, so you should not have any trouble selling it for more than you bought it for.

© Copyright 2021 The Washington Independent All Rights Reserved

Terms & Privacy |