Western Union and Pay-O-Matic Renew Agreement with 7-Year Extension
August 14 2017 - 8:30AM
Business Wire
150 Pay-O-Matic Locations Will Continue to
Offer Western Union® Services
Western Union (NYSE: WU), a leader in global payment services,
today announced it will continue its longstanding relationship with
Pay-O-Matic, the largest check casher and financial services
provider in the New York metropolitan area. The renewed
relationship includes Western Union Money Transfer® and money order
services, as well as bill payment services.
Under the terms of the agreement, customers at Pay-O-Matic’s 150
store locations in Brooklyn, the Bronx, Queens, Manhattan and Long
Island will be able to send money to 500,000 Western Union Agent
locations in 200 countries and territories, and also pay their
bills through the Western Union® Quick Collect® service.
“Our relationship with Pay-O-Matic has helped us connect
communities in the New York metropolitan area to their loved ones
across the globe,” said Carter Hunt, Head of Global Money Transfer,
Western Union, North America.
“At Western Union, we want to make it easy for consumers to move
money from wherever they need to. Our presence in 150 Pay-O-Matic
locations helps them achieve this global interconnectivity,” he
said.
The 20-year relationship between the two companies is in line
with Western Union’s focus on ensuring its Agent network remains
robust and giving customers the convenience they have come to
expect.
“Pay-O-Matic customers benefit from the ease and reliability of
being able to transfer money nearly anywhere in the world through
Western Union’s extensive network,” said Jay Guskind, President and
CEO of Pay-O-Matic.
“We are well rooted and respected in our communities, and by
providing Western Union services, we are able to continue to give
these communities a valuable service they rely on,” he added.
Western Union’s cross-border platform is a rare combination of
both a physical and fast-growing digital network. The company’s
network includes leading retailers and banks, more than 150,000
ATMs and kiosks, the option to transfer funds to billions of bank
accounts, and digital presence in 41 countries.
In addition to the Western Union and Pay-O-Matic alliance,
Pay-O-Matic has also had a longtime relationship with the Western
Union Foundation. Together, both organizations have supported
charitable programs ranging from Hurricane Sandy relief efforts to
leadership development programs that promote diversity and
inclusion. Pay-O-Matic is also a dedicated supporter of youth
empowerment and education programs. Just recently, the Western
Union Foundation and Pay-O-Matic collaborated to provide
scholarships to undergraduate college students in the New York
metropolitan area under the WU Scholar Program. In its inaugural
year a total of $10,000 in scholarships were provided to WU
Scholars participating in the program.
About Western Union
The Western Union Company (NYSE: WU) is a leader in global
payment services. Together with its Vigo, Orlandi Valuta, Pago
Facil and Western Union Business Solutions branded payment
services, Western Union provides consumers and businesses with
fast, reliable and convenient ways to send and receive money around
the world, to send payments and to purchase money orders. As of
June 30, 2017, the Western Union, Vigo and Orlandi Valuta branded
services were offered through a combined network of over 550,000
agent locations in 200 countries and territories and over 150,000
ATMs and kiosks, and included the capability to send money to
billions of accounts. In 2016, The Western Union Company completed
268 million consumer-to-consumer transactions worldwide, moving $80
billion of principal between consumers, and 523 million business
payments. For more information, visit www.westernunion.com.
About The Western Union Foundation
The Western Union Foundation is dedicated to creating a
better world, where the ability to realize dreams through economic
opportunity is not just a privilege for the few but a right for
all. Through its signature program, Education for Better, and with
the support of The Western Union Company, its employees,
Agents, and business partners, The Western Union Foundation
works to realize this vision by supporting education and disaster
relief efforts as pathways toward a better future. Our combined
social ventures efforts make life better for individuals, families
and communities around the world. The Western Union
Foundation has paid more than $111 million in
charitable giving since inception in 2001. These funds have been
pledged in more than 138 countries and territories. The
Western Union Foundation is a separate charitable corporation
that is tax-exempt under §501(c)(3) of the Internal Revenue Code,
contributions to which are tax-deductible for US income tax
purposes. To learn more, visit www.westernunionfoundation.org,
or follow us on Twitter @TheWUFoundation.
About Pay-O-Matic
Pay-O-Matic is New York’s largest provider of check cashing and
financial services, handling nearly 20 million transactions
annually. Founded in 1958, Pay-O-Matic has grown to 150 stores
throughout the New York metropolitan area, with 51 locations in
Brooklyn, 42 stores in the Bronx, 33 locations in Queens, 20 stores
in Manhattan and four locations on Long Island. Pay-O-Matic
locations offer check cashing and a portfolio of convenient
services including bill payments, money transfers, money orders and
prepaid debit cards. Pay-O-Matic is a neighborhood financial
services provider and a proud member of the community. For more
information, visit www.payomatic.com.
WU-G
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170814005015/en/
Western UnionSarah Meske,
720-332-2796sarah.meske@westernunion.com
Western Union (NYSE:WU)
Historical Stock Chart
From Sep 2024 to Oct 2024
Western Union (NYSE:WU)
Historical Stock Chart
From Oct 2023 to Oct 2024