Retail and digital send options preferred, but receivers like option
to spend funds immediately
ENGLEWOOD, Colo.--(BUSINESS WIRE)--
The preference for the power of funds-in-hand fast for those who receive
domestic money transfers continues to drive payout preferences in the
U.S., according to The Western Union Company (NYSE: WU), a leader in
global payment services. This remains true even as the senders
initiating these transactions use a combination of Western Union’s
omni-channels (retail, online and mobile) to send funds to family and
loved ones.
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The “receive and spend” culture of the U.S. mirrors the traits of
international remittance receivers, where the benefit of receiving money
often needs to be realized quickly. Nearly 70 percent of money sent
through Western Union in the United States is picked up by receivers on
the same day, with nearly one-third picking it up within one hour.
Globally, nearly 70 percent of payouts made by Western Union are picked
up by receivers in major remittance receiving countries within 24 hours
as well.
Both practical and emotional reasons remain key motivators for money
transfer senders to select faster pay-out methods for their
receivers—even when the senders and/or receivers are banked, according
to Western Union analysis of intra-U.S. money transfer research.
The top three reasons for using Western Union® domestic money
transfer in the U.S. are to enable fast payouts for gifting, regular
expenses/education and emergencies. Fast payouts provide empowerment to
those receiving money as gifts, certainty to those receiving money for
regular expenses/education, and relief and comfort for those receiving
money for emergency needs.
While most Western Union domestic money transfers are sent to those
living far away, nearly one in five U.S. domestic money transfer
recipients live in the same metropolitan area, with New York
representing the top sending and receiving metropolitan area in the U.S.
However, unlike international money transfer, which often serves the
needs of diaspora or migrants, U.S. domestic money transfer senders and
receivers reflect a broad range of ages and ethnicities.
“We live in a culture where people want fast access to the funds that
will fulfill their needs and wants. Consumers may initiate a transaction
digitally, yet they still need and want their payouts fast, whether in
cash, via account or mobile wallet,” said Carter Hunt, Senior Vice
President and General Manager, Western Union U.S.
“It is clear that money-in-minutes, convenience and the urgent flow of
resources to family and loved ones are important to both our send and
receive consumers in the U.S. We are improving choices for our
customers regardless of their preferences of pay-in or pay-out options,”
he said.
“Our customers can send money at any of our more than 50,000 retail
agent locations in the U.S. to recipients around the corner or across
the globe. They can also send money online and via mobile 24 hours a
day, seven days a week, and 365 days a year,” Hunt concluded.
Service and funds availability depends on certain factors including the
Service selected, the selection of delayed delivery options, special
terms applicable to each Service, amount sent, destination country,
currency availability, regulatory issues, consumer protection issues,
identification requirements, delivery restrictions, agent location
hours, and differences in time zones (collectively, “Restrictions”).
About Western Union
The Western
Union Company (NYSE: WU) is a leader in global payment services.
Together with its Vigo, Orlandi Valuta, Pago Facil and Western Union
Business Solutions branded payment services, Western Union provides
consumers and businesses with fast, reliable and convenient ways to send
and receive money around the world, to send payments and to purchase
money orders. As of March 31, 2015, the Western Union, Vigo and Orlandi
Valuta branded services were offered through a combined network of over
500,000 agent locations in 200 countries and territories and over
100,000 ATMs and kiosks. In 2014, The Western Union Company completed
255 million consumer-to-consumer transactions worldwide, moving $85
billion of principal between consumers, and 484 million business
payments. For more information, visit www.westernunion.com.
For more information about Western Union’s consumer research findings,
please visit www.westernunion.com/us/mywu.
WU-G
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Source: Western Union