WESTERN UNION

We are delighted to announce Western Union as a sponsor of the UAE country service.

About Western Union

The US based Western Union Financial Services Inc., is an international leader in money transfer services. It aims to ensure that each day, in every corner of the globe millions of people and businesses can quickly, conveniently and reliably transfer funds worldwide. The company introduced its electronic cash transfer service in 1871 in the USA. Since then its 135-year-old money transfer business has been consistently growing.

Today, Western Union is one of the largest companies in the payment transfer industry. Western Union, together with its affiliates Orlandi Valuta, Vigo and Pago Fácil, are leaders in global money transfer, providing people with fast, reliable and convenient ways to send money around the world, pay bills and purchase money orders through a network of approximately 335,000 Agent locations in more than 200 countries and territories.

It continues to expand: the number of Agent locations grew over six times from 50,000 in 1998 up to 335,000 in 2007. The company has more than 6,000 employees in more than 40 countries. Its strategic headquarters for Europe, Middle East, Africa and South Asia are based in Vienna and managed by Hikmet Ersek, Executive Vice President and Managing Director Europe, Middle East, Africa and South Asia, Western Union Financial Services.

Around the world, Western Union predominantly operates through Agents such as banks, post offices or retailers. Nearly 70% of Western Union Agents outside of the US are banks or post offices which are independently licensed and regulated by their own jurisdictions. According to the 2007 Aite Group report, the volume of the global remittance market is valued at U$369 billion. Worldwide Western Union handles more than 570 million money transfers in 2007.

On September 29th, 2006 Western Union became an independent listed company on the New York Stock Exchange (NYSE). As one of a handful of companies around the world operating with more than 6,000 employees yet generating almost $5 billion in revenue, Western Union will continue to pursue opportunities in the global remittance market and
expand its Agent network.

Going forward, Western Union intends to continue growing by capitalizing on long-term global migration trends and increasing cross-border remittances. The listing enables Western Union to focus on its core business and to continue to strengthen its brand, expand and deepen its relationships with consumers and Agents, and re-invest its strong cash flow in growing the business.

Customers

The World Bank reported that up to 200 million people live outside their country of origin. They represent about 3% of the global population. Over the past 30 years the world’s migrant numbers grew twofold (from 82 million in 1970). These numbers are expected to increase to 283 million by 2050. As these individuals move – and they continue to move around the globe – Western Union will continue to expand to meet the needs of its customers.

The product

Western Union® Money Transfer service is an electronic money transfer product that offers a reliable and convenient way to transfer funds worldwide within minutes*. Different categories of people use Western Union services: migrants, sending a monthly payment to their loved ones; parents, whose children are studying abroad; specialists on business trips and tourists. The core client group is expatriate workers in developed countries who send their earnings home. Money transfer is an easy way to provide relatives with financial assistance. Being a financial intermediary between people, Western Union helps them to maintain bonds and stay in touch.

Recent achievements

Western Union is currently in the process of rolling its internet money transfer platform WU.com and the Western Union loyalty programme, the Western Union Gold Card, across the EMEASA region. The Gold Card helps reduce the processing time of money transfer transactions by identifying regular customers, as well as rewarding those who frequently use Western Union Money Transfer service. In 2004, Western Union International Bank was founded in Austria, to offer our private and business customers a wider array of quality financial products and services — in particular, prepaid cards — in EU countries, where it is licensed to operate to its core audience – migrant workers.

For more information on Western Union, please vist their website: http://www.westernunion.com

Back to Noozz UAE