Western Union Revenue Drops amid Rise of P2P Services such as Bitcoin
It is rather striking to see the average cost of Western Union transfers has remained virtually unchanged since 2014. A rather strange development, considering other providers managed to reduce their fees in the same period.
In a new report by FXCompared, it has become evident the money transfer business is starting to lose momentum. In most cases, sending money around the world remains a very expensive business. Up-and-coming solutions such as cheaper remittance, and even cryptocurrencies, present far cheaper and global options. Mostly Western Union is losing out on a lot of money. Not entirely surprising given their ridiculous fees.
When people think of money transfer solutions, they envision visiting a local branch of a remittance company to pick up funds. Others may think of receiving wire transfers, which can take days or weeks to complete. But in the Bitcoin world, transfers of value happen instantaneously, with no intermediaries, and marginal fees.
This post was published at NewsBTC on 1:00 pm October 19, 201.