December 26, 2016
Western Union is making it easier for U.S. customers to directly send money to family and friends' bank accounts in Mexico, by expanding its company to more locations.
With more Western Unions in the country, it's allowed the company to gain a foothold in Mexico - important because the region is the fourth biggest payment market on the planet. With the new deal in place, U.S. customers will be able to use the company's app, its retail Agent location channels and westernunion.com to send money.
There are now roughly 13,600 Western Union locations throughout Mexico, which allows people more options to pick up cash using Western Unions, Orlandi Valuta and Vigo brands. More and more Western Unions are being established in Mexico, growing for the last 12 straight quarters. The currently banked population rose to 40 percent; three years ago, that number was just 27 percent.
The National Banking and Stock Commission said there are currently over 80 million bank accounts in the country.
Western Union President Odilon Almeida said the familiarity of the market, its multi-brand and multi-channel advantages allow them to boost its performance in the biggest international region and oldest worldwide payment market. He said customers could choose from any retail agent location to send money from the U.S. to Mexico.
The total remittance of the amount that went to Mexico in 2015 was $24.8 billion. U.S. senders are responsible for 90 percent of the money going to Mexico, with the company transferring money from over 180 countries to Mexico just last year.