Western Union reported an increase in revenue in the first quarter of 2021 driven by increase in digital money transfers.

The total revenue for the quarter stood at $1.2bn, a 2% growth on a reported and constant currency basis compared to the previous year period.

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In the three month period, digital money transfers jumped by 45% to a new quarterly record of $242m.

Also, consumer-to-consumer (C2C) transactions jumped 9% in the quarter, while revenues increased 4% on a reported basis.

However, Western Union Business Solutions revenues dropped 2% on a reported basis. The decline was attributed to hedging activity and the ongoing impact of Covid-19.

The company also noted that monthly active users of its website jumped by 46% year-over-year in Q1.

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Western Union president and CEO Hikmet Ersek said: “2021 is an important year for Western Union and we got off to a healthy start led by the continued strong growth of our market-leading digital business that generated over $240m of revenue in the first quarter, putting us on track to exceed $1 billion of digital revenue this year.

“While additional waves of Covid-19 continue to affect countries around the world, we are optimistic that conditions may continue to improve over the year, supporting the momentum of our business and allowing us to achieve our 2021 financial outlook.”