Western Union Sees Significant Improvement in Consumer-to-Consumer Transaction Trends in May, Including Record Level of Digit...
June 02 2020 - 5:45AM
Business Wire
The Western Union Company (NYSE: WU), a global leader in
cross-border, cross-currency money movement and payments, today
provided an update on the Company’s transaction trends for its
Consumer-to-Consumer (C2C) business for the month of May 2020 in
response to the evolving business environment amid the COVID-19
pandemic.
In addition, Western Union CFO, Raj Agrawal, will offer
commentary today on the Company’s business in a presentation at
Bank of America’s Global Technology Conference.
As previously disclosed, in the latter part of the first quarter
the Company began to see substantial declines in transactions for
its C2C business arising from the COVID-19 pandemic, with declines
of approximately 30% in late March and early April. In mid-April,
the rate of decline in transactions began to improve led by the
retail channel and bolstered by a significant acceleration in
digital growth. Improvement in both retail and digital transaction
trends continued through the month of May, with digital transaction
growth for the month of May the highest in a decade.
Consumer-to-Consumer Segment
Update
Change y-o-y
Late March - Early
April
April
May
Total transactions
~ -30%
-21%
-7%
Digital money transfer transactions
~ 50%
77%
99%
“We are encouraged that our money transfer transaction trends
continue to improve as the disruptive effect of COVID-19 appears to
be lessening,” said Western Union President and CEO Hikmet Ersek.
“Importantly, the strong growth we are seeing in our digital
business is especially impressive given that our digital money
transfer business was already over $600 million of revenue in 2019,
and it confirms that our digitally focused growth strategy is
positioning us well for the future.”
Additional Commentary on Q2 Business
Trends
- Within digital trends, westernunion.com transactions increased
39% in April and 51% in May.
- Across the majority of the top send markets for the C2C
segment, transaction trends improved from April to May.
- Digital money transfer transactions accounted for approximately
30% of C2C transactions in April and May.
- The Company will provide its next business update with the
normally scheduled second quarter results expected to be in early
August.
Conference Presentation
Also, as previously announced, Western Union CFO, Raj Agrawal,
will present virtually today at Bank of America’s Global Technology
Conference at 3:15 p.m. Pacific time. Mr. Agrawal will discuss the
Company’s growth strategy and second quarter trends through the end
of May.
Investors and interested parties will be able to listen to the
investor presentation via webcast from http://www.westernunion.com,
under the investor relations section. The archived webcast will be
available approximately one hour after the conclusion of the
presentation.
About Western Union
The Western Union Company (NYSE: WU) is a global leader in
cross-border, cross-currency money movement and payments. Our
omnichannel platform connects the digital and physical worlds and
makes it possible for consumers and businesses to send and receive
money and make payments with speed, ease, and reliability. As of
March 31, 2020, our network included over 550,000 retail agent
locations offering our branded services in more than 200 countries
and territories, with the capability to send money to billions of
accounts. Additionally, westernunion.com, our fastest growing
channel in 2019, is available in over 75 countries, plus additional
territories, to move money around the world. With our global reach,
Western Union moves money for better, connecting family, friends
and businesses to enable financial inclusion and support economic
growth. For more information, visit www.westernunion.com.
WU-G
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200602005441/en/
Media Relations: Pia De Lima +1 (954) 260-5732
Pia.DeLima@westernunion.com
Investor Relations: Brendan Metrano +1(720) 332-8089
Brendan.Metrano@westernunion.com
Western Union (NYSE:WU)
Historical Stock Chart
From Sep 2024 to Oct 2024
Western Union (NYSE:WU)
Historical Stock Chart
From Oct 2023 to Oct 2024