Mexico's Grupo Elektra signs for Western Union money transfer services
Western Union Financial Services Inc., a worldwide leader in money transfer services, has signed a new, six-year agreement for money transfer services with Grupo Elektra, a leading retailer in Mexico.
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The agreement continues the relationship between Grupo Elektra and Western Union, which most recently had been governed by a 10-year agreement signed in 1996. The new agreement enables Grupo Elektra to expand its distribution network through its own and third party channels, and to grow its money transfer services as a part of the global Western Union network.
Grupo Elektra will originate and pay Western Union money transfers, and will pay Vigo money transfers sent to Mexico at Elektra, Salinas y Rocha and Bodega de Remates stores and Banco Azteca branches. Grupo Elektra has offered remittance services since 1994. Over the last 12 years, the company has made more than 36 million money transfer payments, and presently has a network of more than 1,400 stores and bank branches.
"Western Union and Grupo Elektra have enjoyed a very productive relationship during the past twelve years, and we look forward to their expanded role in the Western Union network contributing to our global expansion," said Christina Gold, president of Western Union. "Extending our relationship with Grupo Elektra across our money transfer brands, and supporting them in their store-in-store strategy is a very promising start to the next chapter of our joint efforts."