United States, Australia, the UK and Hong Kong lead the way as RMB
payments increase
DENVER & LONDON--(BUSINESS WIRE)--
Western
Union Business Solutions, a unit of the Western Union Company (NYSE:
WU), a leader in global payment services, has seen strong growth in
direct Renminbi (RMB) payments to China among its clients in the first
half of 2013.
“The growing demand we saw in 2012 for RMB has carried on into 2013,
with the number and volume of Renminbi payments increasing across all of
our major markets,” said Raj Agrawal, president, Western Union Business
Solutions. “Businesses around the world are becoming more aware of RMB
internationalization and the benefits that trading in the local Chinese
currency can create for all parties.”
Western Union Business Solutions’ American clients increased the number
of their RMB payments by almost 90 percent in the first six months of
2013 compared to the same period last year. In the US, Renminbi
transactions now represent nearly 12 percent of all payments to China,
up from just over 8.5 percent in the first half of 2012.
Australia was the second largest market for RMB payments behind the
United States, reflecting growth of almost 50 percent, while the United
Kingdom and Hong Kong increased their RMB transactions by over 40
percent and 80 percent, respectively, over the same period.
Australian clients sent about 6 percent of their payments to China in
renminbi in the first half of 2013, compared to 4 percent in 2012, with
British clients seeing similar growth from 3.7 percent to 5.3 percent.
Not surprisingly, Hong Kong represents the market with the highest
percentage of renminbi payments, with 37 percent of transactions to
China being made in RMB in the first half of the year, compared to 28
percent a year ago.
“Japan, France, Singapore and New Zealand also recorded strong
year-on-year growth,” said Raj Agrawal. “While overall client take up is
modest compared to the likes of the United States and Great Britain, the
indicative trend we have seen in all four markets is certainly towards
steadily increasing demand for Renminbi.”
“SWIFT recently reported that the Chinese Renminbi has become the
world’s 11th most used currency and the demand we are seeing
certainly reflects this upward trend.”
Western
Union Business Solutions enables companies of all sizes to send and
receive international payments and manage foreign exchange, creating
unique solutions tailored to suit their individual needs. It is a
business unit of the Western Union Company (NYSE: WU), a leading nonbank
provider of cross border payments, which operates its Business Solutions
services through locally licensed affiliates in over 30 countries.
Supported by a network of trading offices, strategic banking
relationships and a global clearing network, businesses can send
cross-border payments in more than 135 currencies.
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 June 30, 2013, the Western Union, Vigo and
Orlandi Valuta branded services were offered through a combined network
of approximately 520,000 agent locations in 200 countries and
territories and approximately 115,000 ATMs. In 2012, The Western Union
Company completed 231 million consumer-to-consumer transactions
worldwide, moving $79 billion of principal between consumers, and 432
million business payments. For more information, visit www.westernunion.com.
WU-G
Source: Western Union