Digital Transactions Authoritative, insightful and timely information for payments professionals
The Western Union Co.’s real-time digital payout service for sending money real-time to bank accounts, digital wallets, and cards, is now available in 100 countries. The service, which was announced in September 2019 at Western Union’s investor day conference, leverages Western Union’s more than 40 banking and payment partnerships covering more than 100 countries to move money between financial institutions that provide connections to billions of customer accounts and digital wallets for deposits.
Prior to being able to move money directly to consumers’ bank accounts or digital wallets, the financial services and communications company was able to facilitate real-time payments through its network of 550,000 agent locations in 200 countries and territories
Expanding real-time payments is a central part Western Union’s growth strategy for expanding its digital services offered through WesternUunion.com and digital partnerships. During the third quarter, WesternUunion.com and digital partnerships grew digital revenue 45% year-over-year to represent 21% of Western Union’s consumer business, with annual volume of more than $900 million.
“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,” Jean Claude Farah, president, global network, at Western Union, says in a prepared statement.
When Western Union launched its real-time payment capability to bank accounts and digital wallets last year, the service was available in 17 countries: Benin, Burundi, Cameroon, China, India, Indonesia, Kenya, Nigeria, Pakistan, Philippines, Sri Lanka, Democratic Republic of Congo, Ghana, Malawi, Mozambique, Zimbabwe, and Uganda. By October, the service was available in 80 countries, up from 50 in April.
