Western Union Empire Moves Migrant Cash Home

Technology and circumstances can lift or dash industry fortunes in a heartbeat. Western Union was a company that went bankrupt in the early days of the internet. But even as the internet became established in homes and offices, worker mobility increased, with growing numbers of migrants looking for safe, easy ways to send money home to families. So Western Union is back in business, earning nearly $1 billion a year, reports Jason DeParle for the New York Times. “Migration is so central to Western Union that forecasts of border movements drive the company’s stock,” writes DeParle. Money earned by migrants adds up: In 2006, immigrants transferred an estimated $300 billion. With transfer fees up to 20 percent and a record of promoting immigration rights, Western Union as a company attracts praise and criticism. Western Union has found renewed success by tackling the specific concerns of a massive customer base, long accustomed to, at best, neglect or, at worst, resentment. – YaleGlobal