Western Union withdraws 2020 outlook on coronavirus concerns

March 27 (Reuters) - Western Union Co, the world’s largest money transfer firm, said on Friday it is withdrawing its full-year financial outlook amid the coronavirus pandemic.

The company, which has operations in over 200 countries, is aiming to provide an update on its 2020 plans with its first-quarter results announcement in May, it said.

Western Union added that the impact of COVID-19 on its operations had been limited to a few countries, notably China and Italy, through mid-March.

However, the payments processor said its retail money transfer business experienced a “more pronounced” year-over-year decline in transactions during the later part of March and that will likely continue in the near-term. (Reporting by Shradha Singh in Bengaluru; Editing by Maju Samuel)