Western Union Expands Real-Time Digital Payments

Customers in over 100 countries can now receive instant payouts, allowing for easy movement of money between bank accounts.

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Need to Know

  • Western Union is expanding its real-time digital payments feature to now serve over 100 countries.
  • The cross-border payments provider, focused on digital growth and innovation this year, grew 45% in the third quarter of 2020. Digital transactions grew 96%.
  • Western Union’s consumer business revenue is expected to hit over $900 million by the end of the year.

Analysis

Western Union has expanded its real-time digital payments service to now reach more countries and billions of bank accounts worldwide. The cross-border payments provider, a leader in the space, has already had the capability of paying out in minutes, a service that functions in over 200 countries but can now offer real-time payouts into customer bank accounts in over 100 countries.   

The expansion of real-time payout capability has been a focal point of Western Union’s digital growth strategy, which focuses on growing digital services, this year. 

Between the growth of both real-time payouts and other digital initiatives, Western Union revenue grew 45% in the third quarter of 2020. Digital revenue now makes up 21 percent of total consumer business and is “trending at an annual rate of over $900 million,” said Western Union in a press release.

“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,” said Jean Claude Farah, Western Union Global Network president.

In alignment with its mission to “improve access to global and local economies, through inclusive finance”, earlier this year Western Union launched an accelerator program with companies from countries across the globe. 

The Techstars & Western Union Accelerator is a 13-week virtual program that supports 10 startup founders in growing and evolving their companies, with a special focus on expanding financial access in a post-COVID world. 

Western Union’s digital transactions grew 96% in the same quarter and the company is leading in mobile app downloads, solidifying its place as the “the standard for international payments and money movement.”  

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