As a college student, Raj Agrawal was already thinking about what he’d do after graduation. He had his sights set on business from day one, but it took an experience to realize that he wanted to be the CFO of a global digital front runner — Western Union.
Over the last several year Raj Agrawal and the Western Union team developed strategies for global digital expansion, seemingly predicting what would project the world online in 2020. Agrawal has seen Western Union position itself as a dominant retail and digital global money transfer service with an emphasis on better customer support. The company’s fast-growing website, westernunion.com expanded to more than 75 countries during the pandemic, providing customers with help when they needed it most.
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Western Union Continues to Thrive
Western Union’s stock price is soaring according to the company’s latest financial report. The global money transfer service says that its revenue from digital business has increased by 35% in constant currency from last year. That includes everything from online transfers to mobile payments. In the past six months, Western Union has experienced a great deal of change in stock market value. From January to April 12, 2021, the company’s stock price rose from $21.66 to $25.89 — a 19.5% increase.
Western Union’s enormous reach and knowledge of the cross-border regulatory requirements make it an important partner for both banks and fintech companies, a collaboration that can create more opportunities.
Simplicity and Convenience for All
Money transfer should be easy, especially for those of us who want to send funds to people who don’t have bank accounts. Whether you’re sending money for overseas tuition, supporting an elderly family member, or making a regular contribution to someone’s business in another country, it shouldn’t take two days or cost you $50 more. That’s why Western Union’s deep understanding of the cross-border regulatory issues faced by global remittance businesses and its vast network of retail agents make it a great service for regular people. It’s also a natural partner for banks and fintech providers entering the market, so there’s no shortage of ways for people to connect.
Right now, the World Bank values the global remittance market at over $700 billion in total. Banks dominated most of that market, but Western Union has recently partnered with Saudi Digital Payments Company, also known as STC pay. This fully owned subsidiary of Saudi Telecom Company helped them to tap into the country’s remittance market. Western Union hopes to help the “millions and millions of migrants” that need to send money back home from Saudi Arabia. This service won’t just help people in that part of the world, and it’ll help everyone to transfer money anywhere they want. That includes you and your loved ones.
Western Union’s Plans for the Future
Western Union is even up on new types of currency, not just fiat money systems. They’re well aware of where the future is going. With a 130-currency-portfolio, Western Union serves more than 150 million customers across 200 countries and territories. Their currency exchange platform is an essential tool for sending money overseas at competitive rates. They’ll do all of this at no extra cost to the customer. Keeping a flat fee has been the company’s mission since the early 2000s.
When it comes to investments and money transfers, people are looking for transparency and efficiency. In fact, 81% of online shoppers are more likely to buy from a site that offers quick delivery, and US consumers are willing to pay big bucks for their convenience. That’s why Western Union is a global digital front runner in the market. They offer fast transfers and the most convenient payment options for anyone, anywhere, at any time.
Western Union has been connecting people for over 170 years. With millions of agent locations across 200 countries and territories, they see the world as a small village and stay committed to bringing families and friends closer together through their global financial services.