Western Union Sees Significant Improvement in Digital Transactions

3 June 2020 – The Western Union Company, a global leader in cross-border, cross-currency money movement and payments, has provided an update on the Company’s transaction trends for its Consumer-to-Consumer (C2C) business for the month of May 2020 in response to the evolving business environment amid the COVID-19 pandemic.

As previously disclosed, in the latter part of the first quarter the Company began to see substantial declines in transactions for its C2C business arising from the COVID-19 pandemic, with declines of approximately 30% in late March and early April. In mid-April, the rate of decline in transactions began to improve led by the retail channel and bolstered by a significant acceleration in digital growth. Improvement in both retail and digital transaction trends continued through the month of May, with digital transaction growth for the month of May the highest in a decade.

“We are encouraged that our money transfer transaction trends continue to improve as the disruptive effect of COVID-19 appears to be lessening,” said Western Union President and CEO Hikmet Ersek. “Importantly, the strong growth we are seeing in our digital business is especially impressive given that our digital money transfer business was already over $600 million (about RM2,560 million) of revenue in 2019, and it confirms that our digitally focused growth strategy is positioning us well for the future.”

Additional Commentary on Q2 Business Trends

  • Within digital trends, westernunion.com transactions increased 39% in April and 51% in May.
  • Across the majority of the top send markets for the C2C segment, transaction trends improved from April to May.
  • Digital money transfer transactions accounted for approximately 30% of C2C transactions in April and May.
  • The Company will provide its next business update with the normally scheduled second quarter results expected to be in early August.

Author: Terry KS

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