Western Union's branded digital business saw reported transaction growth of 15% and revenue growth of 9% in the third quarter.
This marked the sixth consecutive quarter of double-digit transaction growth in its branded digital business, the company said in a presentation released in conjunction with its quarterly results briefing on Wednesday (October 23).
The branded digital business now accounts for 32% of Western Union's consumer money transfer (CMT) transactions and 25% of its revenue, according to Wednesday's earnings release.
Western Union President and CEO Devin McGranahan talked about digital business in a speech Wednesday. During the financial report. “We are also rolling out new digital experiences, which are now available in more than a dozen countries around the world.
“I'm pleased to report that these efforts are leading to more customers, more transactions, and now more revenue,” McGranahan added.
The growth in digital business came during a quarter in which Western Union's total revenue fell 6% on a reported basis, according to the release.
The company attributed this to a decrease in contribution from Iraq compared to the same period last year. Excluding Iraq, Western Union's adjusted consolidated sales grew by 1%.
Western Union reported in July that it was affected by sanctions against 14 Iraqi banks.
In its retail business, the company has made point-of-sale (POS) improvements over the past year to improve speed, reliability, agent support and customer experience, McGranahan said on the conference call.
The latest step in these efforts is a new version of Western Union's POS system that moves many processes from the agent hardware they traditionally run to the cloud. This will allow the company to accelerate both the deployment of improvements and core processing time, McGranahan said.
“In the third quarter of this year, we completed a speed test in Spain with this new platform and were able to complete resend transactions in just over a minute, which is a dramatic improvement compared to just one year ago. '' McGranahan said.
More information: Brand Digital, Devin McGranahan, Digital Payments, Digital Transactions, Earnings, Remittances, News, PYMNTS News, Remittances, Western Union, Latest News
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