admin Western Union announces the successful expanding of its digital payment capabilities into 100 countries reaching billions of banks. The global leader in cross-border, cross-currency transactions and money movements aimed to expand real-time payouts into bank accounts, cards, and wallets. This goal was set in 2019 for fulfillment in 2020. Finally the successful implementation of the venture has been announced with the company reaching the 100 million milestone.
Digital Strategy Expansion
As a part of Western Union’s digital growth capacity enhancement strategy, this expansion of real-time capacities is the key focus of the company to expand payments through the westernunion.com and other digital partnerships. This twin pronged strategy boosted digital revenue by 45% year-over-year in the third quarter of 2020. Western Union is now bracing itself to become one of the leading names in the domain of global digital payments. Expansion of its global network will enhance the level of the company’s real-time pay-in and pay-out options worldwide. The digital partnerships entered into by the company include granting third party entities permission to use the platform’s cross-border, cross-currency features to enable real-time payments.
Success of the Endeavour
The company reported a 96% growth of digital payments, owing 53% of this growth boost to westernunion.com, accompanied by an incremental growth from other digital partnerships. Moreover, Western Union also led its peer group competitors in terms of the velocity of mobile app downloads and the active monthly customer growth for the company also expanded to 47%.
Jean Claude Farah, President of Western Union Global Network propounded, “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.” Western Union President Product and Platform, Shelly Swanback further added, “Our comprehensive, global cross-border and cross-currency platform continues to advance towards setting the standard for international payments and money movement to serve an ever-broader array of customers. No matter if you are a consumer, business, technology player, government entity or an NGO, or where you commence your payment journey, our flexible model can meet your needs with ease, flexibility, and confidence.”
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