Tag: Western Union

India Postal Department to launch foreign exchange service

Posted by | Apr 2, 2008 | |

As part of diversification, the Postal Department is foraying into the foreign exchange sector.

Four foreign exchange counters will be opened at the major post offices in four districts this month. It will be part of the 30 foreign exchange units being opened by the Postal Department across the country.

The foreign exchange counters in the state will be at the General Post Office at Pulimoodu in Thiruvananthapuram and at the head post offices at Ernakulam, Thrissur and Kozhikode, Postal Services director Mervin Alexander told this website’s newspaper.

“Work on starting the counters is going on and we hope to inaugurate them this month itself,” he said.

Among the 30 counters spread in ten states, three had already started functioning at New Delhi and are receiving good response, he said.

“Initially we are only providing currency exchange and travellers’ cheque encashing services. Our main target will be foreign tourists. After knowing the response, more counters will be opened and more services will be offered,” he said.

The Postal Department, which already had money changing services licence of the Reserve Bank of India, is launching the service in association with the Centurion Bank of Punjab. A memorandum of understanding was signed between the department and the bank at the national- level recently. The bank will provide the back office support for the counters and training to the Postal Department staff, Mervin said.

The Postal Department is already carrying out Western Union Money Transfer Services. More than 50 percent of Western Union Money Transfer Services are being done through the Postal Department.

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The Western Union Company reported financial results for the fourth quarter and full year 2007

Posted by | Jan 31, 2008 | |

Highlights for the fourth quarter include:

— Revenue of USD 1.3 billion, up 12pct

— EPS of USD 0.32, up 14pct

— Operating income margin of 28pct

— Consumer-to-consumer revenue increased 12pct, transactions up 14pct

— Consumer-to-business revenue grew 13pct, transactions up 49pct

Highlights for the full year include:

— Revenue of USD 4.9 billion, up 10pct

— EPS of USD 1.11, or USD 1.13 excluding the previously announced USD 0.02 per share non-cash charge

— Operating income margin of 27pct

— Cash provided by operating activities of USD 1.1 billion

— More than 335,000 agent locations

— 572 million total C2C and C2B transactions

“Western Union’s revenue and earnings growth accelerated throughout the year, which enabled us to deliver our expectations for the fourth quarter, and we are pleased with these results,” said President and Chief Executive Officer Christina Gold. “2007 demonstrated Western Union’s strengths as a geographically diverse global company, with 65pct of total annual revenue generated by our international consumer-to-consumer money transfer business. Additionally, our consumer-to-business segment continues to grow with Pago Facil, our bill payment company in Argentina, continuing to exceed expectations.”

Fourth Quarter Results

Revenue was USD 1.3 billion, up 12pct, or 10pct excluding the December 6, 2006 acquisition of Pago Facil. Revenue also included USD 28 million from currency translation of the euro.

Total consumer-to-consumer revenue in the fourth quarter grew 12pct to USD 1.1 billion on transaction growth of 14pct. A significant portion of the growth was attributable to the continued strong performance within the international consumer-to-consumer business, which increased revenue 17pct while growing transactions 19pct. The international-to-international subset, those transactions that originate outside of the U.S., grew faster still, posting 25pct revenue growth and 28pct transaction growth. This international-to-international subset contributed 54pct of Western Union’s fourth quarter total revenue.

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Western Union, Delhaize-US Extend Multi-Year Agreement

Posted by | Jan 30, 2008 | |

The Western Union Company announced it has extended its agreement with Delhaize-US to offer Western Union services at 1,120 locations nationwide.

Delhaize, which operates more than 1,500 Food Lion, Bloom, Bottom Dollar Food, Harveys, Reid’s, Hannaford and Sweetbay supermarkets in 16 states, began offering Western Union services in 1993 at just a handful of Food Lion locations. The agreement ensures that these 1,120 locations continue to offer consumers the option of sending cash to friends and loved ones using the Western Union® Money Transfer service, purchasing money orders and sending utility-bill payments at select locations.

“With Western Union services offered in eight of the 10 largest grocery-store chains in the United States, supermarket networks are an important part of our U.S. Agent distribution,” said Royal Cole, Executive Vice President, Western Union Payment Services. “For more than 15 years, Delhaize-US has been a key member of that network, and we will continue to provide consumers with fast and convenient access to valuable financial services and payment solutions.”

Western Union is a leader in global financial services, enabling millions of individuals and businesses worldwide to transfer money quickly, easily and conveniently. Western Union services are offered through trusted local businesses that are an integral part of the communities they serve.

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Western Union Pilots Personal Loans Offer in Hong Kong

Posted by | Jan 30, 2008 | |

Western Union customers in Hong Kong can soon apply for small personal loans from PrimeCredit Limited (“PrimeCredit”), a wholly owned subsidiary of Standard Chartered Bank PLC, following an agreement signed by the two companies to offer a pilot consumer lending program.

Effective from 18 February 2008, the program will allow Western Union consumers in Hong Kong to draw 12- to 18-month installment loans from PrimeCredit, then remit the borrowed money via Western Union Money Transfer.

“One of Western Union’s strategic objectives is continually to explore new service offerings that meet our consumers’ needs,” said Isabella Lau, regional vice president, Marketing, Asia Pacific, Western Union. “Our business model is to generate revenue from loan origination and repayment.

“We know that our consumers often do not have access to banking and financial services. With Western Union’s extensive experience serving this segment, we are well-placed to identify and provide access to quality services that meet their needs.”

Internal research found that 79 percent of consumers sending money transfers are receptive to other financial services offerings from Western Union, and that one in four Western Union consumers would consider applying for a loan product associated with Western Union.

PrimeCredit has more than 10 years of experience serving migrant workers in Hong Kong, with 17 of its 31 branches focused specifically on overseas workers. Many of PrimeCredit’s Hong Kong branches are open on Sundays, offering additional flexibility for consumers.

Initially, the program will be offered to Western Union’s Filipino consumer base in Hong Kong. The offer is expected to be extended to other consumer segments and other markets in the Asia Pacific region once the program matures.

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