The Age of Prehistoric Payments

Once upon a time, Western Union dominated the money transfer scene like a T-Rex on a dinosaur safari. With over 165 years of experience, it has been part of financial history since the days of telegrams. Yes, while your grandparents were sending smoke signals, Western Union was busy providing remittances for the modern age. But let’s face it: they have a reputation that feels like it’s stuck in Jurassic Park.

The Bitcoin Challenge

Now, you might wonder—why doesn’t Western Union just shake hands with Bitcoin and call it a day? Sounds logical, right? They could squash all these gnarly remittance startups stealing their lunch.

But here’s the kicker: they don’t need Bitcoin! At least, not in its current toddler tantrum stage. When Bitcoin grows up and stops throwing coins around like confetti, maybe it’ll be a different ball game. Until then, Western Union is sitting pretty.

A Transaction Tale: Western Union on Viber

Let’s indulge in a little experiment. Picture this: I’m in the Philippines trying to receive $20 from my pal in San Francisco using the Viber app. Spoiler alert: my joy was short-lived when I noticed a $4 service fee and a sneaky 4% conversion fee. After I jumped through all these hoops, I ended up with less than $19. It’s like ordering a $20 pizza and being told it’s going to cost you an arm and a leg—and you get a salad instead!

With the average remittance transaction being around $200 globally, Western Union’s current game plan focuses on convenience rather than cost-cutting. The company is looking to play nice with customers until they find a better solution.

Immovable Money Moves

Here’s where crypto meets practical reality. The most efficient way to use Bitcoin is as a middleman—backing up those remote remittance companies, like a trusty sidekick in a buddy cop movie. But Western Union? They don’t need the backup; they’re like the busy parent who can handle everything by themselves. They own both sides of the transaction, allowing their cash to sit comfortably in each country without needing a blockchain to facilitate the fun.

Want to Play with Fire? Think Again!

Listen, if you were a major, publicly-traded company like Western Union and had to deal with heaps of red tape, would you embrace the wild west of cryptocurrencies? The answer is likely, “No, thank you!” They prefer to stick to the tried-and-true methods that keep their compliance officers from waking up in a cold sweat.

And while they keep an eye on the ever-evolving field of crypto, they’re cautious—not footloose and fancy-free. They’ve even associated with prominent blockchain investors. So, it’s not a ‘no’ for good, just a cautious ‘maybe.’