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Western Union - Competitor Profile

May 2021 | 20 pages | ID: W5581CC11D63EN
GlobalData

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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 more than 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 170 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.

In addition to money transfers, Western Union offers utility, car, mortgage, electricity, and other bill payment options. Western Union also offers a Mastercard-branded prepaid card in collaboration with prepaid card provider Netspend, which enables card holders to send and receive Western Union money transfers, pay bills, shop online, and make cash withdrawals at ATMs.

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 performance, including its revenue model
  • The company's important events and milestones
SCOPE
  • In 1851, Western Union was established as a telegraph business.
  • In 2008, Western Union launched mobile money transfer service.
  • In October 2019, Western Union launched cross-border remittances through Unified Payments Interface (UPI) in India, 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.
REASONS TO BUY
  • Gain insights into Western Union's business operations and key events.
  • Gain insights into its product portfolio and revenue model.
  • Assess the competitive dynamics in the alternative payments industry by comparing its performance against competitors.
Overview
Benchmarking
Performance Highlights
Revenue Model
Products & Services
Partnerships
Significant Events
Supporting Partners in the US
Appendix


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