Despite the remittance industry’s digital transformation, Western Union is banking on stores remaining a key component of its business

The fintech wants to capitalize on the country’s rapidly digitizing payments market, but competing against both homegrown and other global players won’t be easy

Cryptocurrency volatility has tempered expectations for crypto payments. But it hasn’t erased them: Retail, remittance, and cross-border B2B payments remain in growth mode.

Digitization has reduced consumers’ remittances costs worldwide, reshaping the competitive battlefield. Money transfer operators must follow new playbooks to monetize this $800 billion market.

Working with the country’s leading super app can help Western Union compete more aggressively against digital challengers.

It’s working with homegrown wallet Lynk so customers can receive remittances, which will aid its digital push.

Business cards and money links can help address cross-border payment challenges.

Consumer device and behavior trends are affecting payment providers’ strategies across retail, P2P, B2B, disbursement, and cross-border channels. Here’s what that means for the payments ecosystem.

The region’s revenues and transaction volume increased 13% YoY and 8% YoY, respectively, despite the firm’s total 6% YoY revenue decline.

The interest-bearing accounts can help Wise compete with money transfer rivals, but it might struggle to get mainstream adoption.

The expanded partnership with Mastercard can help Paysend serve more customers and compete more aggressively.

A growing number of migrants in the US and a lack of formal remittance channels are creating an opening for US-based remittance firms in the country.

Low adoption and stagnating growth are driving peer-to-peer mobile payment providers to make their services more accessible and attractive to increase engagement within the existing user base.

This matchup, along with Western Union’s recent deals, brings new financial opportunities in places they’ve never been before.

Customer-to-customer payments volume dropped 13% YoY in Q2. But it outlined three initiatives to help it reverse declines in H2.

We look at how partnering with MercadoLibre can help it tap digital remittance trends.

Western Union will use Marqeta’s issuing capabilities to offer customers cards through its new digital banking platform.

Payment provider innovation across remittances, B2B payments, and retail card and noncard payments is setting a long-term growth runway. In the short term, providers must navigate a host of obstacles to enable more crypto users to become crypto payers—and so far they’re succeeding.

Legacy players in the $774 billion remittance payments market risk being relegated by digital challengers—unless they improve their solutions.

Payments Ecosystem: This year will reveal how providers must adapt to lasting pandemic-driven digitization across payments channels, ranging from in-store retail to B2B ecommerce.