Western Union Expands in Cuba: Connects the World
21 3월 2016 - 9:30PM
Business Wire
For the first time Western Union to move
money into Cuba from beyond U.S. borders
The Western Union Company (NYSE: WU), a leader in global
payments services, announced today that it will launch remittance
services from across the world into Cuba following U.S. regulatory
and policy changes that allow Cubans and non-Cubans to send
remittances via Western Union to this island nation.
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Western Union Expands in Cuba: Connects
the world (Graphic: Business Wire)
For the first time, Cubans and other citizens worldwide will
join their U.S. counterparts to send remittances into Cuba within
minutes* using Western Union’s cross-border payments platform. The
Company expects to activate services in a phased approach by end of
second quarter 2016.
“As the first U.S. Company with scale to move money from across
the world to Cuba, we welcome the regulatory and policy changes put
in place by the U.S. government that allow us to offer these
services,” said Odilon Almeida, President of the Americas and
European Union.
Remittances can be sent to family members and other Cuban
nationals for family expenses and personal support for private
economic activity.
“It is a privilege to connect Cubans from almost anywhere in the
world in a matter of moments to their home community, and it is
even more historic to be associated with the anticipated economic
multiplier that will come with new injection of remittance flows
into Cuba,” Almeida lauded.
“As we have found in other parts of the world, expanding
remittances will provide a vital opportunity to improve the
standard of living for Cuban people, contribute to savings and
eventually investment towards small-businesses.”
Funds moved by Western Union go directly from the sender to the
receiver with no middle intervention. “This represents a powerful
catalyst for empowerment and innovation. Our current movement of
remittances from the U.S. to Cuba funds regular expenses and micro
businesses, driving entrepreneurism, innovation and employment
opportunities,” Almeida explains.
Western Union’s global experience has shown that when customers
have formalized and convenient access, remittance flows thrive from
established and new corridors. Access to convenient financial
services in a globalized financial arena is important to the
world’s increasingly mobile-workforce and it has proven to be as
important to the economic advancement of a nation.
Remittance senders from across the world can expect the same
in-minutes money transfer speed into Cuba with local currency
payout. They can use Western Union’s omni-channel send options --
retail, digital, mobile or bank, where available -- to send money,
and in Cuba receivers can pick-up their funds from more than 490
Agent locations across each of Cuba’s 16 provinces and 168
municipalities. This is a significant presence and it is
represented by multiple classes of trade – from retail stores to
exchange houses.
Background
The Cuban population outside of Cuba is pegged at 1.4 million as
of 2015. They reside across North, South and Central America, the
Caribbean, EU and CIS countries. Nearly 96% are concentrated in
five countries including U.S., Spain, Italy, Mexico, and Canada.
However, Cubans reside in as many as 72 countries1.
Cash remittances to Cuba in 2013 reached US$2.8 billion with 90%
originating from the US. Remittances reach 62% of Cuban households,
sustain about 90% of the retail market and provide thousands of
jobs. #2
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
December 31, 2015, the Western Union, Vigo and Orlandi Valuta
branded services were offered through a combined network of over
500,000 agent locations in 200 countries and territories and over
100,000 ATMs and kiosks, and included the capability to send money
to over a billion accounts. In 2015, The Western Union Company
completed 262 million consumer-to-consumer transactions worldwide,
moving $82 billion of principal between consumers, and 508 million
business payments. For more information, visit
www.westernunion.com.
For more information about the Western Union’s consumer research
findings, please visit www.westernunion.com.
WU-G, WU-F
1 UN Population Division Migration Data, 2015 update2 Analysis
of The Havana Consulting Group *Funds availability subject to terms
and conditions of service.
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version on businesswire.com: http://www.businesswire.com/news/home/20160321005381/en/
Western Union Media:Americas and European
Union:Pia De Lima,
+1-954-260-5732Pia.DeLima@westernunion.comorUS:Sarah Meske,
+1-720-332-2796sarah.meske@westernunion.comorLatin
America:Paula Barifouse,
+1-954-803-8589paula.barifouse@WesternUnion.com
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