Bitcoin 1 - Western Union 0
Remittance leader Western Union is currently experiencing a strong backlash from the Bitcoin community, following a subvertising made by a reddit user that highlights the huge benefits of the virtual currency over the company services. It's a quite funny home page that is displayed on the /bitcoin subreddit at this time: dozens of heavily upvoted posts are featuring the same image, namely a subvertising of an advertisement that was originally supposed to promote the services of Western Union. The remittance specialist offers a flat $5 fee for each payment of less than $ 50, equating to a....
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In the world of cash-transfers, few other companies come to mind as instantaneously as Western Union. If you’ve walked in a convenience store anywhere between the west and east coast of the United States, you’ve probably seen a banner for Western Union. The remittance provider is currently facing a preliminary antitrust inquiry as the EU examines allegations of Western Union intentionally driving rivals out of business. Allegedly, Western Union is giving their retail outlet partners contracts with exclusivity contracts in them which don’t allow other cash-transfer services to operate....
Western Union Chief Information Officer John "David" Thompson was interviewed by Coindesk this week and made some very revealing comments about Bitcoin, and its future in global monetary transfer. Many know Western Union as the world's largest personal monetary transfer corporation, founded way back in 1851. Operating in 220 countries worldwide, it generated almost $800M last year in net income, which is down over 20% from 2012. I wonder why it is down over $200M all of the sudden? Also read: Digital Currency Advocate: What Western Union CEO Is Missing. Western Union CIO: Bitcoin doesn't....
As new U.S. government measures that impose restrictions on remittances to Cuba becomes effective after November 22, Western Union, which has been operating in the island nation since 1999, will close shop. The new rule, which was published on October 27, gave Western Union 30 days to implement new restrictions. The new rule is likely to increase the appeal of crypto assets as Cubans are now expected to find a suitable alternative in a very short space of time. Targeted Sanctions At the time of the initial U.S. government announcement, the global remittances giant had promised to find a....
This essay is an updated chapter from Luis Buenaventura’s Reinventing Remittances with Bitcoin, available for free in e-book and print form now. One of the most common questions asked at industry conferences is why Western Union or Moneygram don’t just use Bitcoin themselves. If they did, they could eliminate the potential threat posed by the young Bitcoin remittance start-ups who are out there trying to eat their lunch. Theoretically, Western Union could just throw R&D resources at the problem and come up with a large-scale version of what companies like Bitspark in Hong Kong, Payphil....
Global money transfer powerhouse Western Union is boldly venturing into the dynamic and rapidly evolving realm of cryptocurrencies, marking a significant and strategic move in its financial landscape. With a storied history of facilitating seamless cross-border transactions, Western Union’s decision to enter the highly-stacked cryptocurrency arena underscores its commitment to innovation and adaptability in an […]