Western Union has embraced the shift to digital transactions to help compete against the onslaught of rivals like TransferWise and WorldRemit, all vying for a piece of the $689 billion global remittance market.
The 168-year-old Western Union is the leader in international money transfers, generating revenue of $5.5 billion in 2018 and doing business with Amazon and Google.
Change has been the mantra at Western Union since its early days as a provider of telegraph services. It bought up incompatible competitors and created the first transcontinental communications network. Payments by "telegraphic money exchange" soon followed. Although it passed up an opportunity to buy up Alexander Graham Bell's newfangled telephone, Western Union stayed on the cutting edge of technology.
Western Union executives also have embraced the shift to digital transactions to help compete against the onslaught of rivals like TransferWise and WorldRemit. — now available in 130 counties accounted for 12% of Western Union's revenues in 2018. That business continues to grow at a 20% annual pace.start-up accelerator, to nurture 10 early-stage start-ups in next-generation payment technology and cross-border money movement.
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