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Western Union Expands Collaboration with UK Post Office to Offer Retail Cross-Border Money Transfers
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
Tags
Rhea-AI Summary
Western Union (NYSE: WU) is expanding its partnership with the UK Post Office, making cross-border money transfer services available at 4,000 additional locations, effectively doubling its retail network in the UK. This expansion enhances Western Union’s omni-channel offering, allowing customers to send money digitally or in-person. The activation of these services is scheduled for Autumn 2022 and aims to improve financial inclusion in communities with declining local banking options. Both companies expect this partnership to drive foot traffic and support local businesses.
Positive
Expansion to 4,000 UK Post Office locations enhances accessibility for customers.
Partnership improves financial inclusion in communities lacking local banking services.
Enhanced omni-channel experience allows for more transaction flexibility.
Negative
None.
Expansion follows successful UK Post Office digital cross-border money transfers roll-out in 2019
Western Union services to become available in 4,000 UK Post Office locations, doubling Western Union’s UK retail network
DENVER & LONDON--(BUSINESS WIRE)--
Western Union (NYSE: WU) announced today that it is expanding its collaboration with the UK Post Office to provide retail cross-border money transfers. This alliance is part of the Company’s continued enhancement of its omni-channel offering, serving its customers across the full range of physical and digital touchpoints and channels.
Providing UK Post Office customers a truly omni-channel experience
UK Post Office customers will now be able to benefit from Western Union’s omni-channel experience, choosing to send money to their families and loved ones overseas via Western Union’s UK Post Office digital services or in-person at 4,000 UK Post Office locations across the United Kingdom. Customers can now start transactions digitally or in a retail location and have their funds paid out in cash, directly onto a card, into a mobile wallet, or directly into a bank account, via Western Union’s global network.
“I am delighted that Western Union, one of the world’s biggest financial networks, and UK Post Office, the UK’s biggest retail network, are expanding our collaboration, aiming to serve our customers better in a transformed post-pandemic environment,” said Devin McGranahan, Western Union President and CEO. “At the same time, today’s announcement shows how we at Western Union continue to see our leadership in retail as critical to our success, and as a critical element of our omni-channel offering. As we continue to expand our global network, we will seek not only to improve access, but also, importantly, working with our partners, to truly transform the retail experience we offer our customers, in the UK and across the world.”
Serving communities across the UK
Many of the 4,000 UK Post Office locations where Western Union’s retail services will be initially rolled-out are located in communities across the country that have seen increasing volumes of closures of local bank and credit union branches. These communities will now have more options to connect, seamlessly, to the global economy, improving financial inclusion, increasing footfall for thousands of the UK Post Office’s independent postmasters and further supporting the success of attached small retail businesses.
“I am delighted to be expanding our partnership with Western Union, allowing customers to choose whether they want to use the money transfer service digitally or prefer to do it face-to-face,” said UK Post Office CEO, Nick Read. “Postmasters are knowledgeable, reliable and can provide that assurance that a transaction has gone through with a printed receipt which many of our customers still value. Furthermore, this expanded partnership helps drive footfall into 4,000 of our branches providing postmasters with increased remuneration opportunities.”
The planned activation of Western Union’s UK Post office retail cross-border money transfers is scheduled for Autumn 2022.
*Depending on location & availability of service
WU-G
About Western Union
The Western Union Company (NYSE: WU) is a global leader in cross-border, cross-currency money movement and payments. Western Union’s platform provides seamless cross-border flows and its leading global financial network bridges more than 200 countries and territories and over 130 currencies. We connect consumers, businesses, financial institutions, and governments through one of the world’s widest reaching networks, accessing billions of bank accounts, millions of digital wallets and cards, and a substantial global network of retail locations. Western Union connects the world to bring boundless possibilities within reach. For more information, visit www.westernunion.com.
About the Post Office
With over 11,500 branches, Post Office has the biggest retail network in the UK, with more branches than all the banks and building societies combined.
Post Office is helping anyone who wants cash to get it whichever way is most convenient. Partnership with over 30 banks, building societies and credit unions means that 99% of UK bank customers can access their accounts at their Post Office.
Cash withdrawals, deposits and balance enquiries can be made securely and conveniently over the counter at any Post Office; and the biggest investment by any organisation or company in the last decade is being made to safeguard 1,400 free-to-use ATMs across the UK.
Research has found that visits to the Post Office help drive another 400 million visitors to other shops, restaurants and local businesses equating to an estimated £1.1 billion in additional revenue for High Street businesses.
99.7% of the population live within three miles of a Post Office; and 4,000 branches are open seven days a week.
What is Western Union's recent announcement regarding the UK Post Office?
Western Union has announced an expansion of its partnership with the UK Post Office, enabling cross-border money transfers at 4,000 additional locations.
When will the Western Union services be available at UK Post Office locations?
The new services are scheduled to be activated in Autumn 2022.
How does the expansion benefit UK Post Office customers?
It provides customers with more options for sending money, either digitally or in-person, thereby improving financial inclusiveness.
What impact does this partnership have on local communities?
The expansion is expected to boost foot traffic in post office branches and support local retail businesses.
How is Western Union’s omni-channel offering enhanced by this partnership?
The partnership allows customers to initiate transactions either digitally or face-to-face, providing greater convenience.
