Western Union and 7-Eleven México Announce Strategic Alliance to Send and Receive Money Cross-Border
Western Union, a leader in cross-border, cross-currency money movement and payments, and 7-Eleven Mexico, the world's largest convenience store chain, today announced a strategic alliance to help facilitate cross-border money transfer capabilities in Mexico.1
The alliance benefits millions of consumers in Mexico by enabling more than 1,800 7-Eleven locations to send and receive money conveniently and securely, with reach across the more than 200 countries and territories where Western Union operates.
According to information from the Bank of Mexico in its January 2023 report, the total amount of income from remittances in the period January - November 2022 amounted to 53 billion dollars, a value higher than 46 billion dollars reported in the same period of 2021 and which marks an annual increase of 13.5%. In that same period, 99% of the total income from remittances was made through electronic transfers, standing at 52.604 million dollars.2
Considering these trends, the alliance between Western Union and 7-Eleven will provide benefits to customers including:
- Send money across 14 states of the country at more than 1,800 7-Eleven locations with extended hours from 8 a.m. to 10 p.m., making it easier for customers to collect remittances from various points within Mexico.
- The ability to send money with speed and convenience over a mobile phone using the Western Union app, online, or in-person at a retail location or a combination of both.
- Increased customer peace of mind by offering simple ways to send and receive money in minutes, including the ability to send directly to bank accounts or pick up as cash at any Western Union retail location.
“We are very proud to establish this new strategic alliance with one of the largest retail chains in the country and the world. 7-Eleven is a company with a clear vision of excellence in customer service, growth, and a philosophy that we share by focusing its efforts on the customer experience. We look forward to working with 7-Eleven to benefit our customers across Mexico,” said Rodrigo García Estebarena, president of Latin America and the Caribbean at Western Union.
The collaboration with 7-Eleven is part of Western Union's continued growth and expansion of its retail service offerings providing customers with speed, choice and convenience transferring money.
"We are focused and committed to offering the best quality of products and services. This strategic alliance with Western Union excites us, reinforces our offer and allows us to continue adding solutions for our main objective: to make life easier for our customers," said Tom Lesser, general director of 7-Eleven Mexico.
“At 7-Eleven we are passionate about our consumers and are always looking to provide the best products and services. Undoubtedly, adding the Western Union brand to our portfolio reinforces our commitment so that our clients can solve all their needs with us. Now they will be able to come to our stores any day of the week and collect their Western Union remittances, while buying some of the excellent quality that characterizes 7-Eleven products,” said Alfredo Duplan, commercial and marketing director of 7-Eleven Mexico.
How is the process of receiving remittances carried out through Western Union and 7-Eleven?
The customer arrives at any 7-Eleven store in Mexico with their Money Transfer Control Number (MTCN) and official identification; and once the information is validated, the cash and a copy of the receipt will be given, up to a total amount of $2,000.00 Mexican Pesos.
About Western Union
The Western Union Company (NYSE: WU) is committed to helping people around the world who aspire to build financial futures for themselves, their loved ones and their communities. Our leading cross-border, cross-currency money movement, payments and digital financial services empower consumers, businesses, financial institutions and governments—across more than 200 countries and territories and nearly 130 currencies—to connect with billions of bank accounts, millions of digital wallets and cards, and a global footprint of hundreds of thousands of retail locations. Our goal is to offer accessible financial services that help people and communities prosper. For more information, visit www.westernunion.com.
About 7-Eleven
7-Eleven Mexico is part of the largest convenience store chain in the world, always innovating and continually improving to offer its customers a shopping experience that exceeds their expectations. We focus on offering the best selection and quality of products, services, and experiences, facilitating the day to day of people. For more information visit: https://7-eleven.com.mx
1 Uniteller is responsible for the money transfer service, registration number 22185 from October 20, 2020.
2 www.banxico.org.mx/publicaciones-y-prensa/remesas/%7B945B88AA-AE54-F758-2329-B51172BBCF91%7D.pdf
View source version on businesswire.com: https://www.businesswire.com/news/home/20230301005201/en/
Western Union Co. Stock
Based on 2 Buy predictions and 3 Sell predictions the sentiment towards Western Union Co. is rather balanced.
However, we have a potential of 31.86% for Western Union Co. as the target price of 15 € is above the current price of 11.38 €.
