Western Union market share around the world

Western Union Company is an American commercial service and communications establishment. Its North American headquarters is in Meridian, C...

Western Union Company is an American commercial service and communications establishment. Its North American headquarters is in Meridian, Colorado; however, the postal term of nearby Englewood is used in its mailing address. Up until it withdrawn the service in 2006, Western Union was the best-known United State Company in the business market of exchanging telegrams.
The Western Union has several unions, with products such as individually money transfer, money orders, business payments and market shares. They offered stock "Cablegrams," as well as more cheerful products such as Candy grams, Dolly grams, and Melody grams.
The Western Union is also an industrialized monopoly market, dominated the telegraph enterprise in the past nineteenth century. It’s also the first communications empire and set a pattern for American-fashion communications organizations as they are known currently.

Western Union’s Market Share

As with maximum data about international market transfers, Western Union’s market share gives a simple picture – during the last decade, it has declined barely while the market cross-border transfer quantity has been developing until 2014:
The market share weakening is due to a much quicker increase in global shipment volumes over the same period. To make stocks more complicated, the data on western union international share transfer volumes is very tough to obtain. For directionally accurate records, The World Bank provides uniquely valuable assets; instead, for in-depth analysis of different corridors, one could hire a market professional like Faisal Khan.

The rest of the remittances market share is highly fragmented, with dozens if not hundreds of companies of various sizes competing in each large corridor. Clearly, Western Union’s market share is also not evenly distributed across international corridors. There are top corridors where its share is below 10%, and there are slight passages where it is approaching 50%. However, as we wouldn’t call a single gas station in a small town a “monopoly,” it appears unusual to criticize the Western Union for providing the market share in places where nobody else wants to compete.

Western Union’s market share ongoing digital transformation is not just focused on a customer arrangement. Over 2016-2017, the market share is spending $120 million on “WU Way,” an efficiency program, totally on severance (40% of all charges) and consultants (25% of all expenses) with an objective to digitize its operations, consolidate 55 off-shore IT locations, and lay-off material portion of staff, anticipating to realize $20-25 million in international annual savings.

Therefore, Western Union’s global market share performance in digital is hard to interpret. Despite the steady increase, it fell far short of its expectations in 2012 to reach $500+MM in Digital revenue by 2015. Western Union market share the US is still only available in English and Spanish, and its outbound digital services are available below 20% of countries (37 as of February 2017):

After onboarding 20 countries by 2010, and 23 in 2011, Western Union market share added only two countries to its digital footprint in 2012-2014, but then added 9 in 2015. It is now covering 90+% of the world share send to countries by transfer volume, and remaining ones are either too small or are constrained by government regulations that prohibit online remittances. When UAE, among top-10 economies in outbound payment volumes, decides to allow digital money transfers, there is little doubt that Western Union’s effort in securing its international market share there would be immediate and massive. 70% of Western Union customers have financial accounts, but only 9% of consumer revenue comes from digital channels, and it is not because the company doesn’t have the right digital service. The usage of the digital channel varies dramatically through the corridor or, to be more precise, by customs.

As we discussed, there are many ultimate differences among Indians, Filipinos, Chinese, Mexicans and other major migrant groups living in U.S. One such difference is a ratio of disclosed income. For Indians, who happened to be mostly in white-collar jobs, that rate is very high. However many different races get paid in cash and avoid taxes. Using market share channels is not a consideration for those groups because while saving few dollars they have a much more little concern about being conveyed to Internal Revenue Service (IRS).

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Ninicue : -D | Review & Research Blog: Western Union market share around the world
Western Union market share around the world
Ninicue : -D | Review & Research Blog
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