In this article, you will learn about the Western Union history. Its roots can be traced back to 1851 when the New York and Mississippi Valley Printing Telegraph Company began operations. The company was founded in 1851 and operated for 155 years. Today, the company continues to provide telegraphy services in the United States via iTelegram. In addition, other companies continue to offer telegram services. Read on for more Western Union history.
In the early 1980s, Western Union began diversifying its business from telecommunications and began sending money internationally. As deregulation occurred, the company was able to re-invent itself as the fastest way to send money around the world. The company expanded its international network of agents. In addition, its business model evolved as more consumers turned to the internet for their money transfer needs. But, what are the company’s strengths? Western Union history has many interesting and important lessons to share.
The company began as a telegraph company in Rochester, New York. In 1856, it changed its name to Western Union and merged with several other telegraph companies. From the 1860s until the 1980s, Western Union dominated the telegraphy industry in the United States, pioneering telex technology and introducing a variety of telegraph-related services. It also started the first transcontinental telegraph in 1861.
The first century of Western Union history includes a wealth of innovations. The company developed the first consumer charge card, which enabled the sending of documents and images. In 1923, Western Union introduced the teletypewriter, which helped communicate between branch offices. It also pioneered the first practical use of sending pictures over telegraph wires. In 1935, it introduced its first public facsimile service. That was followed by several other innovations that would make Western Union what it is today.
The company’s growth in recent years is primarily due to its diversification efforts. Despite solid revenues in recent decades, the company’s growth was not always accompanied by profits. In the middle of the 1980s, Western Union was in financial trouble. Its growth slowed and its revenues began to decline. In 2009, Western Union’s stock price fell to the lowest in a decade. Today, the company has grown to a multibillion-dollar company and continues to expand globally.
With 145 years of service, Western Union is still the largest and most trusted name in money transfer. With so many branches across the world, Western Union has an excellent market position. However, it does charge a fee for transfers. Depending on where you live, it may be cheaper to send funds via bank accounts. It is also possible to make money transfers through an online account or cash. In case you need to send or receive money abroad, it may be better to use the online version.