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Western Union Launches WU Shop

Western Union on Tuesday (Nov. 2) announced the launch of shopping platform WU Shop in Germany and Austria with plans to roll it out in the U.S. and other countries during the fourth quarter.

The company said it is also inching closer to the launch of a digital banking pilot program in Germany and Romania by the end of 2021.

“The accelerated adoption of digital and the expansion of our customer base positions us well to build a consumer ecosystem and drive long-term growth for the company,” Western Union President and Chief Executive Officer Hikmet Ersek said in a news release.

“We have long been a trusted provider to our customers in meeting their global money movement needs and this ecosystem has the potential to allow us to leverage our global capabilities and local market expertise to increase the value we provide them,” he said.

WU Shop is targeted at the company’s MyWU loyalty members and will allow those consumers to shop at more than 12,000 merchants in more than 60 countries to send gifts to family members and friends around the world while earning cash back in almost every currency.

The digital banking pilot will give customers an integrated digital banking and money transfer solution, including a multi-currency account and debit card through Western Union International Bank.

Related: Western Union Moves 910 Million Steps Closer To Fulfilling Its Global Connected Ecosystem Vision

Western Union Chief Financial Officer Raj Agrawal told PYMNTS CEO Karen Webster earlier this year that the company is focused on creating and growing a greater connected ecosystem for its 150 million global users, with its global payments network as the cornerstone.

Most Western Union customers, he said, have a WU account and access to financial services, insurance products and loans among other services connected to the Western Union ecosystem. Western Union accelerated that focus when it sold its Business Solutions division for $910 million in August to Goldfinch Partners ​​and the Baupost Group.

Western Union’s digital business is projected to top $1 billion this year, Agrawal said.

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