News and Facts about Cuba

Western Union Brings Cuba Digital Money Transfers

Western Union Brings Cuba Digital Money Transfers
BybPYMNTS Posted on June 8, 2016

Global payments company Western Union announced on Tuesday (June 7) that
it is bringing mobile and online money transfers to Cuba through the
Western Union app and website.

With over 15 years of working in the Cuba market, Western Union said the
move reflects its efforts to bring its global omnichannel strategy to
the Cuban diaspora in the United States.

Consumers will see a new “Send to Cuba” option while using wu.com or the
mobile app in the U.S., enabling them to send and track money transfers
right until the funds are paid out to the recipient in Cuba’s local
currency.

Western Union confirmed it has a network of 420 agent locations in Cuba
and is represented across every one of Cuba’s 16 provinces and 168
municipalities through its principal agent, Fincimex.

In a press release, Odilon Almeida, Western Union of the
Americas and , explained:

“We expedited activation of our digital money transfer convenience for
senders in the Cuban diaspora as we know first-hand the value of
remittances to the economic security of families and funding of small
businesses. Expanding accessibility and moving money in minutes is what
underpins our entire omnichannel strategy.”

According to Western Union, it has now enabled consumers in 29 countries
to send money transfers to Cuba, with remittances to Cuba from all
countries estimated at $1.2 billion in 2013 and 2014, according to a
Feb. 2015 report by Inter-American Dialogue.

While reporting its Q1 results last month, Western Union showed how
mobile is driving its business. This starts with one key stat about U.S.
online transactions on wu.com, which now are conducted over 55 percent
of the time on mobile.

Western Union is seeing growth across its digital offerings, but from
the sounds of it, mobile is propping up its online side. Overall, on its
digital side, Western Union saw a 25 percent YOY transaction growth.

Source: Digital Money Transfers Reach Cuba | PYMNTS.com –
www.pymnts.com/news/international/2016/western-union-cuba-digital-money-transfers/

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