While much of the world's economy froze during the pandemic, certain segments kept moving, and were even bolstered by weakness elsewhere. Remittances are a key example of this, since any interruption in a person's cash flow can create a higher demand to receive funds from friends and family overseas.
Even with these dynamics generating demand, Western Union's agent locations were under the same pressure as any brick-and-mortar business. While much has been made of the shift to digital payments in remittances and other categories, physical agents remained key to keeping cash flowing across borders.
Host: John Adams, Executive Editor, PaymentsSource
Guest: Brad Windbigler, Treasurer, Western Union