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Western Union Sees Digital Transactions Grow

Western Union reported an increase in the number of digital transactions.

Western Union Sees Digital Transactions Grow

Source: Pixabay.com

According to the results of the quarter, which ended on March 31, this company recorded that the number of digital transactions increased by 7%. This is stated in the press release of the firm, which was published last Tuesday, May 2.

The increase in digital financial transactions was recorded throughout a period during which the results of which the company’s revenue decreased by 10%. Devin McGranahan, President and Chief Executive Officer of Western Union, said that revenue remained below the level of long-term expectations, but at the same time, an improvement in the trajectory was recorded in many key markets compared to the fourth quarter.

The company’s digital customer base also increased by 14% over the past quarter. It is this circumstance that has contributed to the growth of digital transactions.

The company’s revenue from digital advertising decreased by 7% last quarter. This is partly the result of applying an advertising pricing strategy.

Western Union’s consumer-to-consumer (C2C) revenue decreased by 6%. The company also predicts that by the end of this year, its total revenue will decrease by 7-9%. The corresponding forecast is contained in the company’s press release.

Devin McGranahan says that the firm is committed to implementing the Evolve 2025 strategy, which, according to him, will make it possible to become a leading provider of financial services with coverage of the population around the world.

The Western Union Evolve 2025 strategy is a kind of complex of various goals. This concept of activity provides for the provision of valuable and affordable financial services to developing populations around the world. The strategy is also aimed at ensuring an upward trajectory of income. The company sees this concept as an opportunity to strengthen ties with consumers.

The firm was founded in 1851 as the New York and Mississippi Valley Printing Telegraph Company in Rochester, New York. In 1856, the name was changed to the Western Union Telegraph Company after merging with several other telegraph companies.

Between the 1860s and the 1980s, the firm dominated the American telegraph industry by introducing innovative technologies such as telex and developing several telegraph-related services, including money transfer by bank.

In the 1980s, the company began to focus on money transfer services. The firm stopped its communications business in 2006. As of 2018, the number of employees of the company was 12 thousand people.

As we have reported earlier, Western Union Turns to MFS to Expand Global Money Transfers.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.