Western Union announced plans to expand its collaboration with the UK Post Office to provide retail cross-border money transfers. This is part of the Company’s continued uplift of its omni-channel offering, serving its clients across physical and digital touchpoints and channels.
What is the meaning of this collaboration?
UK Post Office clients will be able to benefit from Western Union’s omni-channel experience, choosing to send money to their families and loved ones overseas via Western Union’s UK Post Office digital services or in-person at 4,000 UK Post Office locations across the UK.
Clients can start transactions digitally or in a retail location and have their funds paid out in cash, onto a card, into a mobile wallet, or into a bank account, via Western Union’s network.
“I am delighted that Western Union and UK Post Office, the UK’s biggest retail network, are expanding our collaboration, aiming to serve our customers better in a transformed post-pandemic environment,” said Devin McGranahan, Western Union President and CEO.
“Today’s announcement shows how we continue to see our leadership in retail as critical to our success, and as a critical element of our omni-channel offering. As we continue to expand our global network, we will seek not only to improve access, but also to truly transform the retail experience we offer our customers, in the UK and across the world,” McGranahan said.
What is the scale of this service?
Many of the 4,000 United Kingdom Post Office locations where Western Union’s retail services will be initially rolled-out are located in communities across the country that have seen increasing volumes of closures of local bank and credit union branches.
These communities will have more options to connect to the global economy, improving financial inclusion, increasing footfall for thousands of the UK Post Office’s independent postmasters and further supporting the success of attached small retail businesses.
“I am delighted to be expanding our partnership with our global partner, Western Union, allowing customers to choose whether they want to use the money transfer service digitally or prefer to do it face-to-face,” said United Kingdom Post Office CEO, Nick Read.
“Postmasters are knowledgeable, reliable and can provide that assurance that a transaction has gone through with a printed receipt which many of our customers still value,” said Read
“Furthermore, this expanded partnership helps drive footfall into 4,000 of our branches providing postmasters with increased remuneration opportunities.” The planned activation of Western Union’s UK Post office retail cross-border money transfers is slated for Autumn.