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Use Your iPad for Wire Transfers

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  • Description

    Western Union CEO Hikmet Ersek on how technology has changed how people can send money.

  • Duration 5:17
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This transcript is automatically generated

What wiring money press of a button these days -- it's come a long way from.

Walking into would DG storefront to send money to the home country waiting around did you get a did you get -- didn't arrive.

The business has gone high tech big time wireless some competition among companies is ramping up.

So what is the original -- in the entire industry Western Union and doing together and that's what that's the man in charge -- met -- It's Western Union CEO and president joining me now in the Fox Business exclusive good to see the nicest -- -- I want explain how this came about we were we were both on the flight back from dot posts and has -- Western Union.

He's doing these days and that has become a massive story because their companies trying to -- -- companies trying to catch you.

Because it has really changed hasn't it.

Well it has not changed in hopeful it the Viet transferring money and rolled white you have been -- to eight transactions per second.

Here in 200 countries you have 500000.

Locations 100000 ATMs -- and -- all the time.

The -- change in my name is sending money.

From the sense that the change a -- bit.

But the people still use go to location.

Transfer money and pick -- -- minutes -- worldwide progressing them now.

What's changed is some people stuck to use their resting in dot com or their mobile phones and it's our process going part of our business.

You're going by fifty per -- the receipt -- dot com business.

And you know didn't -- that the connection is that send the money from the right path to immediately rolled wecht the location.

Is fantastic.

It's so easy now.

Why would -- need to walk into a storefront anymore if I've got the Smart -- I've got your website and I've got say for example the partnership is struck with Ericsson which is brand name by.

It is -- but people have different needs some people love to use cash to go to location.

Who talked to the people in their language some people like to use their iPhone some people like use their pet by pat some people -- is -- PC.

So -- and for those of -- Being anywhere anytime any hollow.

And that's what makes us -- also.

OK great that we get to the pricing.

The money grams of the world Western Union zoom we have the CEO since standing right where you're standing they are completely online they don't have storefronts.

And we can put up the prices here a little bit higher.

Bite bite -- really but tell me why -- -- -- get by using Western Union over the other guys at a lower per.

So I think our our brand -- it deserves a premium.

Customers low us and they like us tell that I tell you why because we are in 500000.

Locations -- 200 countries you're not signal took customer.

-- -- -- let me just point out Afghanistan I could send money to Afghanistan -- -- send money to Tanzania El Salvador I -- El Salvador would be an easy one because South America and of course Mexico the nation's down south -- always been a very popular money transfer area from here.

Right well we are we -- 161000 corridors.

So you walk onto a location here in New York.

And you -- the yes to 200 countries to 500000 look at -- plus 200000 ATMs plus put a cons and that's the strangle currency union.

-- -- I I look at guys like square Jack Dorsey spin here you know he's good at some point.

Figure out how to take a guy like you on how are you ready for that are can you work as a partnership with a company like that.

Of course we have partnered with the mobile phone company has been more bubble that the company -- They need does for the cross border money transferred to receiving expertise supports -- -- -- -- give -- an example.

Ten per cent of the transactions UK to Kenya are Don Blair received in -- -- -- that's because the people want to go to location in the UK and London.

Receive on the mobile -- -- in -- use them.

Using money there.

-- -- You guys are subject to regulation like every other industry here in America there's a there's a statute in Dodd-Frank that says that there are going to be some restrictions -- some limitations for what you do but I'm more interested.

In how closely you would watch immigration.

And the developments and immigration because I as soon.

That your classic customer is an immigrant.

Who just wants to send money back home Britain worried about how stringent immigration laws might become.

I think your as you -- -- -- remains a major results our customers can cross border are migrants.

And sending money to their loved ones -- money for -- to to support school.

Or -- education and they what are there are headed out of the country or they're not allowed to come into the country.

Well I think -- immigration reforms helps us actually to -- -- this.

We are we are looking forward to have it clearly regulation.

And B I really cannot I think immigration bill -- you.

As you look at the demographics demographics of worldwide can you -- immigration is needed and I think it -- support also our business.

Well you've got a press -- ratio of eight but the stock is down 20%.

Some supporters let's say that said that's a buying opportunity others would say what's going on here but the stock is up more than a percent today it's good to have you.

Please keep us posted on the developments -- -- it's it's a business that is is growing and it's been how many years it has been around on this exit two years.

163 years Western Union got it hekmatyar's seconds Western Union CEO and president good to see you thank you very much -- -- --

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