Expanding disparity in digital income observed for Western Union
In the world of digital money transfers, Western Union continues to lead the pack, according to the latest trends in remittances. From Q2 2020 to Q4 2021, Western Union's digital revenue comfortably outpaced its competitors, accounting for 18-20% of its overall consumer revenues.
However, the gap between Western Union and its rivals began to narrow towards the end of 2023. Digital-only remittance companies like Remitly and Wise's consumer division showed significant growth, causing a slight shrinkage in Western Union's lead.
As of Q4 2023, no other money transfer company named in the sources has surpassed Western Union in digital revenue growth. Western Union reported a digital revenue growth averaging 60% across FY 2024 and digital revenue around $257 million in Q2 2025, demonstrating strong growth in digital transactions despite challenges in traditional markets.
Intermex, a Western Union subsidiary, is also growing its digital revenue but remains far below Western Union's scale, despite notable percentage growth. Intermex does not report digital revenues, but it has reported a 41.6% increase in digitally originated transactions.
Euronet's digital money transferred business is growing faster than its retail business, but the company does not report digital revenues for its Money Transfer division. The digital growth of Euronet's Money Transfer division is experiencing double-digit growth, but specific figures are not available.
Other digital-focused financial and payment companies like SoFi and Jack Henry are also growing rapidly, but these are broader fintech and financial services firms rather than pure money transfer companies. They have shown significant revenue and digital/cloud transformation growth, but these figures do not directly compare to Western Union’s digital money transfer revenue growth.
Looking ahead, the ongoing development of digital revenues is expected to continue. The gap between Western Union's digital revenue and its rivals is likely to widen further over the coming quarters, given current trends. However, the exact digital revenue figures for Q4 2023 for Intermex and Euronet's Money Transfer division, as well as the percentage of overall consumer revenues that digital revenues represent for these companies, are not available in the sources.
In summary, Western Union remains the dominant player in digital revenue growth within traditional money transfer companies. While other fintech firms are growing rapidly, they are not direct competitors primarily in cross-border digital remittances as Western Union is. The latest key trends in remittances report focused on the performance of publicly traded money transfer players in FY and Q4 2023.
Businesses in the digital money transfer sector have seen significant growth, with Western Union continuing to lead in digital revenue despite competition from companies like Remitly and Wise's consumer division. However, technology and finance-focused firms such as SoFi and Jack Henry, while growing rapidly, are not primary competitors in cross-border digital remittance, like Western Union, as they operate in broader fintech and financial services. The ongoing development of digital revenue is expected to continue, with Western Union's dominance in this area likely to persist in the coming quarters.
