Western Union launches WU store
Western Union announced on Tuesday, November 2, the launch of the WU Shop shopping platform in Germany and Austria and plans to roll it out in the United States and other countries during the fourth quarter.
The company said it is also getting closer to launching a digital banking pilot program in Germany and Romania by the end of 2021.
“The accelerated digital adoption and expansion of our WU.com customer base positions us well to create a consumer ecosystem and drive long-term business growth,” said Hikmet Ersek, President and CEO of Western Union management, in a press release.
“We have long been a trusted supplier to our clients to meet their global money movement needs and this ecosystem has the potential to allow us to leverage our global capabilities and local market expertise to increase the value we provide them, ”he said.
WU Shop caters to the company’s MyWU loyalty members and will allow these consumers to shop at over 12,000 merchants in over 60 countries to send gifts to family and friends around the world while making money in almost any currency.
The digital banking pilot project will provide customers with an integrated digital banking and money transfer solution, including a multi-currency account and debit card through Western Union International Bank.
Related: Western Union Takes 910 Million Steps to Global Vision for Connected Ecosystem
Earlier this year, Western Union CFO Raj Agrawal told Karen Webster, CEO of PYMNTS, that the company is focused on creating and growing a larger connected ecosystem for its 150 million users. in the world, with its global payment network as a cornerstone.
Most Western Union customers, he said, have WU accounts and have access to financial services, insurance products, and loans, among other services related to the Western Union ecosystem. Western Union accelerated this concentration by selling its Business Solutions division for $ 910 million in August to Goldfinch Partners and the Baupost group.
Western Union’s digital business is expected to exceed $ 1 billion this year, Agrawal said.