The Western Union Company (NYSE:WU), a leader in global payments, and Dollar Financial Corp (NASDAQ:DLLR), a leading international diversified financial services company, today announced a multi-year global agreement that extends and paves the way to add Western Union Money Transfer, Bill Payment and Money Order services across Dollar Financial locations in Canada, the United States and the United Kingdom throughout 2011 and beyond.
Stewart A. Stockdale, Executive Vice President and President, Global Consumer Financial Services, Western Union, said, "Dollar Financial and Western Union are brands consumers know and trust. Today's announcement is an example of how two major retail financial services brands can leverage their global presence and strengths to work successfully together to offer consumers fast, reliable and convenient global money transfer and payment services. Consumers turn to Dollar Financial for convenience and value - and Western Union is constantly looking for ways to work with Dollar Financial to provide new services and better serve consumers worldwide."
Commenting on the agreement, Jeff Weiss, Dollar Financial's Chairman and Chief Executive Officer, stated, "It is our mission to be the leading global provider of financial services to the under-banked and unbanked consumer, which we refer to as the ALICE demographic (or asset limited, income constrained, employed). The ALICE consumer typically lives paycheck to paycheck, often holding more than one lower paying job to meet monthly bills and living expenses. Many of these consumers follow labor oriented and general skilled job prospects to different areas and countries, and as a result need to frequently send a portion of their paychecks to their awaiting families back at home. This agreement enables us to continue to meet the needs of this growing demographic in an expedient and efficient manner by leveraging Western Union's strong brand in concert with our expanding service platform of now more than 1,200 retail store locations around the world."