TransferWise, WorldRemit and Currencycloud: How UK startups are shaking up the remittance market

May 19, 2017 · http://techcitynews.com/

Screen shot 2017 05 19 at 05.45.49

The history of international payments can arguably be summed up by the history of one company – the US-based Western Union.

Founded in 1851, the company dominated the telegraph industry for decades in the late 19th century. The expensive hardware required for sending a telegram meant it was very difficult for any of Western Union’s challengers to break into the firm’s huge profit margins. The company reached a near-monopoly in 1943 when it bought its main competitor, Postal Telegraph Inc.

As the communications firm was reaching near-supremacy, however, the winds of technology changed, and telegrams became ever-less important. Western Union was forced to adapt, and the company settled on cross-border payments as its relevance-maintaining niche.

But just as technology change in the 20th century – the decline of telegrams and the rise of phone and radio – broke Western Union’s communications monopoly, tech developments in the 21st century, which make cross-border payments easier, quicker and cheaper, are breaking Western Union’s monopoly once again.

Read Complete Article

RT @gxpsummit: So excited to be featured by @techdotlondon in their 10 Must-See @LDNTechWeek events! We can't wait! #innovation #London #te…

It's #LondonTreeWeek. Get involved with a week full of events across London. Find out more https://t.co/rkOKgswwRx https://t.co/ei6LeBs9HY

Esteemed @TechUK CEO Julian David will join the #ITI2017 Panel: Building the future #digital infrastructure #LTW… https://t.co/D8h6OjS5PH

Small Business Taskforce manifesto calls on next government to promote prosperity and fairness for all… https://t.co/BLAqoeKx6n

“Being cute or ‘kawaii’ was a key part of the brief.” https://t.co/kQ3hFwB2gg #robot #robotics #bunnies https://t.co/t6JGpIhEnK

Tech.London Weekly

×