While digitization has had an impact on the worldwide remittance market, the process is far from linear.
After all, any money transfer service seeking worldwide coverage must be versatile enough to move funds across numerous payment ecosystems and fragmented regulatory frameworks while meeting the needs of senders and receivers.
According to Massimiliano Alvisini, Western Union’s general manager and senior vice president for Europe, the CIS, and Africa, only enterprises that can adapt can survive in the extremely competitive sector.
The giant of international money transfers also seems to be holding its own after 171 years in business.
In an interview, Alvisini claimed that the company has continually reinvented itself throughout its history, from its beginnings as a pioneer of American telegraphy to the launch of its digital banking platform WU+ this year. He recognized omnichannel financial services as the next stage of the company’s expansion.
The new WU+ money app, available in Germany, Poland, and Romania, promises to combine Western Union’s cross-border capabilities with the convenience of a mobile wallet, allowing for money transfers, credit card management, and transaction activity.
This means that, in addition to making standard payments, the app may be used to move money to the company’s 600,000-plus locations throughout the world, as well as billions of bank accounts and mobile money wallets.
