The new agreement will enable Elektra to diversify its revenues and profitability as well as strengthen its position as the major paying agent in Mexico in collaboration with Western Union.
The deal will also provide Elektra’s secure and fast money transfer operations to millions of consumers across Brazil.
Grupo Elektra operates over 1,800 points of sales in Mexico for the money transfer and payments industry and its ties with Western Union will further strengthen its position in Mexican market.
Western Union runs money transfer business in more than 200 nations and territories across the globe with a network of over 485,000 agents and in the US alone, it has established 50,000 points of sale in collaboration with Vigo and Orlandi Valuta.
Earlier in 1993, both firms had signed money transfer agreement for Mexico, which was renewed in 2006 adding under a separate agreement Western Union branded payments services Vigo and Orlandi Valuta.
Vigo and Orlandi Valuta services were offered through a combined network of approximately 485,000 agent locations in 200 countries and territories, as of 31 December 2011.
In 2011, Western Union had completed 226 million consumer-to-consumer transactions worldwide, moving $81bn of principal between consumers, and 425 million business payments.
