Competitor Profile: Western Union

Competitor Profile: Western Union

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 receiver’s location, which is where the recipient collects the amount. The service is available at over 500,000 locations globally.

In addition to individual customers, Western Union also offers money transfer services to businesses through the WU Edge platform. The platform enables businesses to make real-time payments in 53 currencies, and manage funds in multiple currencies. For businesses that need to make frequent mass payments, Western Union offers the WU Mass Payments platform. This enables businesses to make mass payments in 130 currencies with payouts in 170 countries.

In addition, Western Union offers utility, car, mortgage, electricity, and other bill payment options. Bill payments can be carried out online through WU.com or via the company’s app, in person through Western Union agents, and by phone. Western Union also offers consumers 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 2006, Western Union became an independent publicly traded company.
- In May 2011, Western Union launched the Western Union mobile app, enabling US users to transfer money via their mobile phone.
- In October 2018, Western Union launched high-value account-to-account transfer service for consumers in the UK, enabling them to transfer up to £50,000 to bank accounts around the world online and via the company’s mobile app.

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.