SAN FRANCISCO—The continued shift to digital channels to send money across borders was evident in Western Union’s first quarter results, according to a new report.
Citing a Western Union report, PYMNTS reported that branded digital transactions grew by 13% year over year.
During a conference call with analysts, Western Union CEO Devin McGranahan said consumer money transfer transactions 6% growth rate marked the third consecutive quarter with 5% or more transaction growth, PYMNTS reported.
Adjusted revenue growth was 3%, YoY, to a bit more than $1 billion, PYMNTS added.
‘Consistent’ Backdrop
“The macro backdrop remains consistent with what we have seen for the last couple of quarters,” McGranahan was quoted as saying. “We continue to see elevated inflation and higher interest rates around much of the world.”
He further noted that immigration around the world is “showing no signs of slowing down,” with the migrant population in the United States reaching 51 million people earlier this year.
How Payments Journal Starts
“Our research would indicate that many migrants start their remittance journey in a retail setting for a variety of important reasons,” McGranahan was quoted by PYMNTS as saying. “Given the likely future ongoing growth and migration around the world, we believe that macro trends support the fact that we can indeed stabilize our retail business while at the same time growing our digital and consumer services businesses.”
During the quarter, the company processed about two-million Quick Resend repeat transfers, up from roughly half a million of those transactions in the second quarter of 2023, PYMNTS added.
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