HomeNewsWestern Union digital revenue surged in the first quarter
Western Union digital revenue surged in the first quarter

Western Union digital revenue surged in the first quarter

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Western Union, the global cross-border payment company, published strong quarterly results as the global economy rebounded. 

Western Union results

In a statement, Western Union said that its total revenue rose by 2% to $1.2 billion. This growth was driven by the strong growth of its consumer-to-consumer business, which grew by 9%. The performance was driven by a 77% transaction increase of its digital platforms like Its retail money transfer service revenue declined but is generally in a recovery mode.

Western Union’s digital money transfer revenues soared by 45% while revenue jumped by 38%. By region, revenue in North America was flat while Europe rose by 8%. In Asia-Pacific, revenue jumped by 9%. On the other hand, its business solution revenue declined by 2%. In a statement, Hikmet Ersek, the company’s CEO said:

“I am pleased that trends for our business improved over the quarter and held up well in April, giving us confidence to push forward with an ambitious agenda and reaffirm 2021 financial targets on an adjusted basis.”

Competition is a challenge

The biggest challenge for Western Union is that competition in the money transfer sector is heating up. Many companies have moved into the sector and taken a substantial market share. For example, a company like TransferWise has grown from a small cross-border money transfer company into the current $5 billion juggernaut. 

Some of the other companies that are increasing competition in the sector are TransferGo, WorldRemit, and PaySend, among others. Some banks like Santander have also launched their transfer service while companies like PayPal and Square are gaining market share. There are also concerns that cryptocurrencies will displace some traditional companies.

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Crispus Nyaga
Crispus Nyaga
Crispus is a financial analyst with over 9 years in the industry. He covers the stock market, forex, equities, and commodities for some of the leading brands. He is also a passionate trader who operates his family account. Crispus lives in Nairobi with his wife and son.