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Western Union Fights Revenue Slump With Stablecoin Card

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Western Union Fights Revenue Slump With Stablecoin Card

Western Union is investing in growth through digital capabilities, artificial intelligence and stablecoins even as it continues to streamline its cost structure, President and CEO Devin McGranahan said Wednesday (Nov. 4) during the company’s third quarter earnings call.

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Western Union’s revenue declined 2% year over year to $1 billion in the third quarter due to a slowdown in its North America retail business, according to a Wednesday press release.

This continued a trend Western Union reported in the second quarter, when McGranahan said the company’s Americas retail business was down due to changes in immigration policy.

McGranahan said at the time that in response to this and other challenges, Western Union was accelerating reductions in its operating expenses.

Since that time, during the third quarter, Western Union announced actions to reduce its headcount by more than 650 employees, deployed AI across several functions, and repositioned a regional operating center and about 800 roles from Costa Rica to other countries, according to a financial results presentation released Wednesday.

“We experienced challenges earlier this year as the disruption to our legacy business model outpaced our ability to transform our cost structure,” McGranhan said during the call. “Following this past quarter, I believe we are moving our cost structure back into alignment with the pace of change in our business.”


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