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

Congrats to our friends at @TechConnectCo on their expansion to NYC! https://t.co/GLsf2oKDJs

I want 2018 to be the year of gender equality in every field. Watch British hockey gold medallists @katewalsh11 and… https://t.co/kUeuw3ufVC

RT @LvivITArena: Here's our list of best tech events in Europe you don't wanna miss in 2018: https://t.co/V4jEGyoV4Z See you at @GSMA, @Cro…

We caught up with Paul Bojarski, CEO of Sceenic, to find out what he’s been up to since competing at UKTN’s Elevato… https://t.co/i9A5ZXSg3r

Morning London, while you were sleeping this was our most read story https://t.co/YuPmK7MUEJ

Tech.London Weekly

×