Western Union is the world's largest cross-border consumer money transfer company. Its core product is remittances: a sender pays money through a Western Union channel, and a recipient in another country receives funds — typically within minutes — in cash, into a bank account, or into a digital wallet. Western Union's customers are predominantly migrant workers sending money home to family in developing countries, making the business sensitive to migration trends and immigration policy. Western Union reaches customers through two primary channels: a retail agent network of roughly 360,000 active locations across more than 200 countries, operated by banks, post offices, and retailers; and a branded digital channel via its website, mobile app, and third-party digital partners. Western Union earns revenue two ways on each transaction: a transaction fee (net of agent commissions) and an FX spread on currency conversions. The company reports two segments: Consumer Money Transfer (~87% of revenue), the core remittance business, and Consumer Services (~13%), a growing portfolio of adjacent products including foreign exchange, bill payment, prepaid cards, and digital wallets. Consumer Services has roughly doubled its revenue share since 2023, providing some diversification from immigration-sensitive CMT trends. Western Union's growth strategy focuses on defending its retail business by importing a more operationally intensive European go-to-market model to North America, growing its digital and Consumer Services offerings, and exploring stablecoins for treasury efficiency. Western Union is also acquiring Intermex to add agent locations and strengthen its U.S.-to-Latin America corridor.