ENGLEWOOD, Colo. & MUMBAI, India--(BUSINESS WIRE)--
Western Union (NYSE: WU), a leader in global cross-border,
cross-currency money movement, today launched the Western Union
Technology Engineering Centre (WUTEC) in India, reinforcing the
company’s commitment to global innovation and investment in engineering
resources.
WUTEC India will focus on building end-to-end products, solutions, and
capabilities to deliver innovative digital and retail customer
experiences globally. The new world-class, 125,000 square feet facility
in Pune, Maharashtra will serve as the company’s innovation and
engineering hub in the region, employing more than 1,000 skilled
individuals.
Hikmet Ersek, President and CEO of Western Union, said, “Innovation is
hard wired in our DNA. As the company that invented the concept of
digitizing money, Western Union is uniquely positioned at the
intersection of money and technology. WUTEC India will join our other
key technology centers across the world to expand the reach of our
omni-channel platform, integrating our digital efforts with our iconic
physical agent network to serve a vast global customer base.”
Western Union’s investment in India is part of a broader fintech and
innovation strategy that is driving the company’s digital
transformation. Western Union is one of the largest digital money firms,
uniquely positioned to connect the cash and digital worlds across
platforms, devices, borders, and currencies. Westernunion.com
and Western
Union app digital services are offered in North America, Europe and
increasingly across the Middle East and Asia Pacific. Western Union’s
digital services pay out in cash, account, or mobile wallet, where
available, in more than 200 countries and territories.
Remittances are key to India’s economy. According to the World Bank,
India continues to be the largest remittance receiving country in the
world with an estimated USD $62.7 billion received in 2016, and 2017
data is expected to show a rise to $65 billion.
Ersek added, “On the anniversary of 25 years of our service in India,
this is a fitting start to a new chapter. We are extremely proud to have
connected Indian diaspora from nearly every country in the world by
enabling money movement to their families and loved ones. Over this time
frame, Western Union has formalized money movement into urban,
semi-urban and rural India, giving millions of consumers the assurance
of receiving cash or money deposited directly into millions of bank
accounts. This new tech center is the continuation of our transformation
journey.”
Western Union’s global technology centers, including Denver, Montvale,
San Francisco and now Pune, are investing in a range of technologies,
including robotics, machine learning, predictive modeling, and
biometrics.
WU-G
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 September 30, 2017,
the Western Union, Vigo and Orlandi Valuta branded services were offered
through a combined network of over 550,000 agent locations in 200
countries and territories and over 150,000 ATMs and kiosks, and included
the capability to send money to billions of accounts. In 2016,
The Western Union Company completed 268 million consumer-to-consumer
transactions worldwide, moving $80 billion of principal between
consumers, and 523 million business payments. For more information,
visit www.westernunion.com.
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Source: The Western Union Company