Performance of Western Union’s international telephone money transfer channel has seen consistent improvement since its relaunch in April 2020. The original plan was to only offer this service for a few months, but after seeing strong approval rates and satisfied customers, Western Union made the decision to offer this program to consumers on a permanent basis.
Throughout 2020, the client saw a steady increase in usage of the channel and their approval rate has climbed from low 50% to as high as 85% while assuming zero chargeback costs with Vesta’s Payment Guarantee solution. Vesta was able to successfully bring the company’s cost of fraud to zero and reduced checkout friction by more precisely identifying and eliminating payment risk.
Western Union is a global leader in cross-border, cross-currency money transfer with an average yearly transfer volume of $80+ billion.