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The Western Union Company (NYSE: WU) is a global leader in cross-border, cross-currency money movement, offering innovative financial services that empower individuals and businesses worldwide. With over 160 years of history, Western Union has firmly established itself as the largest money transfer company globally, handling over 270 million transactions in 2023 alone.
The company’s core business revolves around providing domestic and international money transfers through an extensive network of approximately 600,000 agents located across more than 200 countries and territories. This network ensures that families, friends, and businesses can easily send money and stay connected almost anywhere in the world. Western Union’s agents and employees are considered ambassadors of trust, responsibility, and hope, reflecting the company’s core values and dedication to its consumers.
Recent achievements include the expansion of Western Union’s network of concept stores and company-owned hubs in Europe. As of December 2023, the company has inaugurated 100 locations across 13 European markets, including Spain, Italy, France, Germany, and the United Kingdom. These concept stores not only facilitate international money transfers but also provide a premium brand experience and enhanced service levels. This initiative is part of Western Union's broader retail strategy, aiming to offer an omni-channel experience to customers, support local micro-entrepreneurs, and promote financial inclusion within migrant communities.
Western Union continues to innovate with new ventures, such as the launch of WU Digital in San Francisco, CA. This technology-driven platform enhances the company's digital capabilities, providing faster, easier, and more convenient access to its services. The company’s commitment to financial inclusion is evident through its investments in micro-entrepreneurship, allowing retail partners to open exclusive Western Union locations and play a vital role in their communities.
Financially, Western Union is robust, with a strong presence in both the digital and physical realms, offering services across nearly 130 currencies. The company’s mission is to help people and communities prosper by providing accessible financial services, thereby enabling consumers, businesses, financial institutions, and governments to connect with billions of bank accounts, millions of digital wallets and cards, and a global network of retail locations.
For more information, visit www.westernunion.com.
Western Union (NYSE: WU) has announced two significant shareholder-focused initiatives. The company's Board of Directors has approved a new $1 billion share repurchase program and declared a quarterly cash dividend of $0.235 per common share. The dividend will be paid on December 31, 2024, to stockholders of record as of December 23, 2024.
The share repurchase program will be executed through various methods including open-market transactions, private negotiations, tender offers, and Rule 10b5-1 plans. The timing and amount of repurchases will be determined by market conditions, share price, and other factors. The program has no set expiration date and can be modified or suspended at any time.
Western Union (WU) has opened eight owned locations in Mexico, becoming the first international money transfer operator to launch branded stores in the country. The stores, strategically positioned in prime locations, offer specialized customer service and enhanced money transfer capabilities, including transfers up to USD 10,000 with 12 different types of valid identification documents accepted.
The launch coincides with the Christmas holiday season, when transactions typically increase by 10%. Mexico ranks among the world's top remittance-receiving countries, with inflows exceeding $66 billion in 2023, representing approximately 4% of the country's GDP. This initiative aligns with Western Union's 'Evolve 2025' strategy to leverage its retail business while complementing its existing agent network across Mexico.
Western Union (NYSE: WU) announced its participation in the UBS Global Technology and AI Conference on December 4th. The presentation, starting at 2:55 p.m. Mountain Time, will feature comments from Chief Financial Officer Matt Cagwin. Interested parties can access the live webcast through Western Union's investor relations section. An archived version will be available shortly after the event.
The Western Union Foundation has awarded 70 scholarships to international and immigrant students for the 2024-2025 academic year. The recipients represent 33 countries and are studying across 8 countries at 32 different universities. The foundation has granted over 600 scholarships since 2016 through two main programs: the Global Scholars Program (42 scholarships) and the Immigrant Scholarship Program (28 scholarships). The initiative aims to support students facing unique challenges, including high tuition costs and cultural adaptation. A notable recipient is Sasha from Ukraine, who used the scholarship to develop a gamified therapy app for Ukrainian refugees while maintaining strong academic performance.
Western Union (NYSE: WU) has launched a new Media Network business offering companies access to its first-party transactional data and insights into diverse, multicultural audiences. The network enables brands to deploy targeted messaging across multiple digital channels, including Western Union's website, mobile app, and digital out-of-home (DOOH) screen network at retail locations. The service provides personalized customer engagement through data analytics, advanced targeting capabilities, and access to Western Union's extensive network of retail locations in diverse communities. The platform supports various media solutions including DOOH, on-site and post-transaction advertising, and multi-platform audience extension.
Singtel and Western Union have signed a conditional agreement for the sale of Dash, Singapore's leading mobile wallet with over 1.4 million users. Dash, launched in 2014, offers payment, remittance, savings, investment, and insurance services through a single app. The sale aligns with Singtel's strategy to simplify its portfolio and Western Union's Evolve 2025 plan to expand its financial ecosystem and double its digital business. The transaction is pending regulatory approvals, with existing Dash services continuing uninterrupted for customers.
Western Union reported Q3 2024 financial results with revenue of $1.04 billion, down 6% on a reported basis. Branded Digital revenue grew 8% with transactions up 15%, while Consumer Services revenue increased 32%. Q3 GAAP EPS was $0.78, including a $0.40 benefit from an IRS settlement, while adjusted EPS was $0.46. The revenue decline was primarily due to lower contribution from Iraq, which negatively impacted growth by 7 percentage points. The Consumer Money Transfer segment saw a 9% revenue decrease but maintained 3% transaction growth. The company maintained its adjusted 2024 outlook.
Western Union (NYSE: WU) has announced that CEO Devin McGranahan and CFO Matt Cagwin will host a webcast and conference call to discuss third quarter 2024 results on October 23, at 4:30 p.m. ET. A press release with financial results will be issued around 4:05 p.m. ET on the same day. The webcast and presentation will be available at https://ir.westernunion.com, with a replay available shortly after the event.
To join the conference call via telephone in the U.S., dial +1 (719) 359-4580 15 minutes before the start, using webinar ID 947 6420 1357 and passcode 330235. International callers should use the country number from the international directory, followed by the same webinar ID and passcode.
Western Union has partnered with Khipu to introduce a new digital payment method in Chile. This integration allows customers to send money directly from any Chilean bank account through Western Union's mobile app and website, streamlining the remittance process. Previously, customers had to exit Western Union's platform to complete bank payments, but this step is now eliminated.
The collaboration aims to provide a faster, easier, and more efficient money transfer experience, with transactions potentially completed in minutes. To encourage adoption, Western Union is offering a $0 fee promotion for the first remittance using the new 'Online Bank Transfer' option.
This partnership is expected to strengthen Western Union's position in the Chilean remittance market and improve financial inclusion through modern digital services.
Western Union (NYSE: WU) has announced its participation in the Goldman Sachs Communacopia + Technology Conference on September 11th. The presentation, scheduled for 3:45 p.m. Pacific Time, will feature CEO Devin McGranahan. Investors and interested parties can access the live webcast through Western Union's website in the investor relations section. An archived version of the webcast will be available shortly after the presentation concludes.
This event provides an opportunity for Western Union to showcase its strategies and outlook to a broad audience of investors and industry professionals. The company's participation in such high-profile conferences demonstrates its commitment to maintaining open communication with shareholders and the financial community.
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