Cross-border payments player Western Union and rival Euronet Worldwide are both increasingly counting on their faster-growing digital services to fuel the expansion of their businesses.
The money transfer companies earn revenue from providing services that let consumers send money domestically and internationally.
While Western Union storefronts still account for about three-quarters of the company’s revenue, according to a fourth-quarter earnings presentation Tuesday, the digital business is growing faster. Revenue from the legacy in-person business declined 1% during the fourth-quarter, relative to the year-earlier period, while digital revenue, including online and mobile orders, rose 4%, the company’s Tuesday earnings press release said.
