Western Union (NYSE:WU) today announced the signing of an agreement with PayPoint, a leading international provider of payment services, which will significantly extend Western Union's network reach in two key European markets, the United Kingdom and Romania.
In the UK, the deal will make Western Union Money Transfer available on PayPoint's in-store terminals at those sites providing the service, and will serve as a building block for the future launch of additional Western Union products.
In Romania, the Western Union Money Transfer service will be rolled out over time into suitable sites across the PayPoint network of convenience stores in urban and rural areas, where it will be provided via PayPoint's point of sale terminals. The new service will offer additional convenience to consumers in both countries through customer-friendly opening hours and easier access.
Based in the UK, PayPoint delivers payments and services through a combination of local shops, internet and mobile distribution channels and handles over 10 billion pounds ($15.92 billion) annually from almost 570 million transactions annually for more than 6,000 clients and merchants.
The deal represents an important development in Western Union's existing relationship with PayPoint, which started in early 2009, and helps support its retail strategy in fast growing markets in Central Europe.