Grupo Elektra, S.A.B. de C.V., a financial services company and specialty retailer in Latin America, and The Western Union Company, a provider of money movement and payment services, have entered into a new long term money transfer agreement in Mexico under a non-exclusive basis.
In 1993, Grupo Elektra and Western Union signed an agreement through which Grupo Elektra was enabled to payout international money transfers in Mexico; the agreement was renewed in 2006, adding under a separate agreement Western Union branded payments services Vigo and Orlandi Valuta.
The new agreements consolidate Grupo Elektra as a paying agent in Mexico, and increases and diversifies the company's revenues and profitability. With secure and fast money transfer operations, the agreements reaffirm Grupo Elektra and Western Union's solid commitment to serve millions of consumers throughout Mexico, Western Union said.