TC: Let’s start out by hearing how the COVID-19 pandemic impacted your business, and what kinds of steps you took as a company to adapt? This interview has been edited for clarity and brevity. TechCrunch talked with Shelly Swanback, Western Union’s president of product and platform, about the company’s digital strategy and what’s next beyond payments for the company (hint: it involves banking products). Western Union also opened its platform to third-party financial institutions in a move it says is a “step toward creating an end-to-end payments processing hub.” This digital expansion, combined with the impact of the COVID-19 pandemic, has contributed to Western Union’s overall business profile shifting over the past 15 months.ĭigital channels in 2020 made up 29% of transactions and 20% of revenue for the company’s consumer-to-consumer (C2C) business, up from 16% and 14%, respectively, in 2019. The emphasis on beefing up its digital operations goes back a decade ago as the company worked to expand its digital send and bank account, wallet and card payout to more countries. Today, Western Union claims to hold the largest cross-border, digital, peer-to-peer payments network in terms of scale, revenue and channels.
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