Western Union - Competitor Profile

Western Union - Competitor Profile

Summary

Western Union is a global provider of cross-border money transfers. Founded in the US in 1851, it enables fund transfers across 200 countries and territories globally in 130 currencies. Money can be transferred online through bank accounts, credit and debit cards, as well as in the form of cash payments at any of Western Union’s retail agent locations. The agent at the sender’s location transfers the money to the agent nearest to the recipient’s location, which is where the recipient collects the amount. The service is available at over 550,000 locations globally. In addition to individual customers, Western Union also offers money transfer services to businesses via WU Edge. This platform enables businesses to make real-time payments in 53 currencies and manage funds in multiple currencies. Western Union also offers the WU Mass Payments platform, which enables businesses to make mass payments in 130 currencies with payouts in 200 countries. In February 2021, the company integrated its Western Union Business Solutions platform with SWIFT gpi to increase the international currency options within its WU Mass Payments API.

To further expand its presence in the US, the company partnered with retail giant Walmart to offer Western Union money transfers, bill payments, and money order services at more than 4,700 Walmart locations across the US. In April 2022, Western Union expanded its collaboration with the UK’s Post Office to offer retail cross-border transfers at 4,000 Post Office locations.

The report provides information and insights into Western Union including -

• Detailed insight into its business
• Comprehensive coverage of its products and services
• Comparative assessment with key alternative payment solutions
• Information on its performan highlights and revenue model
• The company's important events and milestones

• In 1994, Western Union was acquired by First Financial Management Corporation.
• In May 2012, Western Union launched WU PAY, an electronic payment platform for Western Union users in the US, enabling them to make payments for online purchase through their existing bank accounts or in cash at Western Union agent locations.
• In October 2019, Western Union launched cross-border remittances in India via the Unified Payments Interface (UPI), enabling Western Union customers globally to send funds to bank accounts in India using their UPI ID.
• In March 2020, Western Union launched Digital Location, an alternative video and phone channel service for customers in select countries including Austria, Belgium, Italy, Portugal, and Oman.
• In February 2021, Western Union Business Solutions was integrated with SWIFT gpi to increase the international currency options available within its WU Mass Payments API.

• Gain insights into Western Union business operations and key events.
• Gain insights into its product portfolio and performance highlights.
• Assess the competitive dynamics in the alternative payments industry by comparing its performance against competitors.