Total revenue for the quarter at USD1.4 billion
Western Union announced total revenue for the quarter at USD1.4 billion, a reported and constant currency increase of 9% compared with the same period last year (view press release). Operating margin was down to 23.9%, compared with 24.4% last year, which is due to increased operating loss in Business Solutions according to the company. Other highlights of the quarter include C2C revenue increase of 5% constant currency, on transaction growth of 7%; 5% revenue growth in North America, 6% in Middle East and Africa and 7% in Asia Pacific region; electronic channels revenue increase of 38% (including westernunion.com which is now available in 23 countries); and prepaid revenue increase of 17%.
Away from the percentiles, the company expanded its global network through its US banking and European retail presence and, in April, reached 500,000 Agent locations worldwide. According to CEO Hikmet Ersek, the company is ‘on track‘ with the integration of Travelex Global Business Payments and ‘continues to establish the foundation for growth in Business Solutions‘. In March, Western Union introduced its new service, WU Pay, which lets online shoppers pay for purchases directly from their bank account or in cash at Western Union locations.
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