The continued growth of Western Union—as well as First Data International—underscores the dynamic nature of a changing world. Western Union money transfer, which accounts for nearly half of First Data’s operating profit, currently has but a 16 percent share of the global money transfer market; a market, by the way, that totals $159 billion.² Before us there is vast opportunity for growth.

We are moving quickly to increase market share, particularly in the fast-growing countries of China and India. Western Union is a powerful global brand, which we continue to strengthen by investing 7 to 8 percent of Western Union revenues each year in worldwide marketing and promotion. These efforts align with our corridor strategy that capitalizes on the increasing mobility of the world’s population.

Closely related to expanding the agent network (now totaling more than 220,000 locations throughout the world), are efforts to increase the range of products and services offered through Western Union. We’re focusing on the customer by developing services that meet market-specific customer needs. And we’re intensifying efforts to build stronger, sustainable customer relationships. In Europe we’ve obtained a license to operate as a bank, which opens the way for delivering an even wider array of financial services under the Western Union^® brand.

Both Western Union and First Data International are planting the seeds for strong long-term growth. The management challenge is all about bringing those seeds to fruition. To accomplish that, we will literally extend and translate First Data’s performance culture in ways that are relevant and compelling to cultures throughout the world. We’re also strengthening our international distribution platforms (by country and by region) to maximize performance, efficiency and quality service.

¹ United Nations 2002
² Celent Communications 2002