Western Union

Western Union Company (NYSE: WU) is a global leader in cross-border, cross-currency money movement and payments. Founded in 1851 as a telegraph company, Western Union has evolved into a financial services firm specializing in money transfers.

Western Union operates in over 200 countries and territories, with a network of hundreds of thousands of retail locations worldwide. The company's services allow consumers and businesses to send and receive money across borders through various channels including digital platforms, mobile apps, and physical agent locations. As of December 2023, Western Union's global footprint enabled connections to billions of bank accounts, millions of digital wallets and cards, and a vast network of retail locations.

Western Union's main services include:

• Consumer money transfers (domestic and international)

• Bill payments

• Money orders and reloadable prepaid cards

In 2023, Western Union reported annual revenue of USD 4.36 billion. The company's Consumer Money Transfer segment is its largest business, representing the majority of revenues and transactions. Western Union's Branded Digital business, which includes its website and mobile app offerings, has been a growing focus area, accounting for 23% of Consumer Money Transfer revenues in Q4 2023.

Western Union continues to execute on its "Evolve 2025" strategy, focusing on expanding its digital capabilities, stabilizing its retail business, and enhancing its product offerings to better serve global consumers. The company has been investing in technology and marketing initiatives to drive growth in digital transactions while maintaining its extensive physical retail network. Western Union faces increasing competition from fintech startups and other money transfer providers but remains a major player in the global remittance market due to its brand recognition, compliance infrastructure, and broad international reach.