Western Union has announced revenue of $1.4bn during Q2 2011, an increase of 7% from a year previous.
Total consumer-to-consumer revenue increased by 8% on a transaction growth of 6%.
On a regional basis, Europe, Middle East, Africa and South Asia (EMEASA) drove a revenue increase of 8% on transaction growth of 4% for Western Union with the Americas a little further behind, showing revenue increase of 5% on transaction growth of 7%.
Asia Pacific noted the greatest rise of revenue with a 16% gain on a transaction growth of 12%.
While consumer-to-consumer transactions represent 84% of Western Union revenue, its global business payments services are showing positive signs. Total revenue for business payments operations increased by 4% and bill payments revenue was highlighted as having grown by 2% during Q2 2011.
“We continue to see solid trends in our business,” said Hikmet Ersek, Western Union’s president and CEO.
“The consumer-to-consumer business is growing in each of our regions and our bill payments revenue growth turned positive in the quarter for the first time since 2008. We also made further strides in electronic channels, which now represent 3% of total company revenue.”
As of Q2 2011, Western Union has 1.1m prepaid cards in issue with retail distribution available across 12,000 US locations.