Recipients will have the ability to pick up the funds in cash at any Western Union location in over 200 countries. This represents the first Western Union offering of cross border remittances from a mobile phone for worldwide cash payout.
Western Union is well-positioned in mobile money transfer. Our current trials already provide access to more than 14 million subscribers who have phones enabled for money transfer in Kenya and the Philippines.
Western Union provides flexibility and convenience in the transfer process whether it’s an agent location, a computer terminal, a mobile phone or a prepaid card, our infrastructure connects it all. While mobile is a longer term opportunity, we are building the foundation today to capitalize as the market evolves.
In summary, we are pleased with our financial performance and strategy advances. We have delivered solid results in a challenging environment and key operational trends have stabilized.
We remain focused on gaining market share and we believe we are with a world class brand, 400,000 agent locations, strong balance sheet and cash flow, encouraging progress on key growth initiatives, including our banking strategy, retail expansion in Europe, business-to-business payments and great strides on our channel strategy, including mobile, account-to-cash, westernunion.com and intra-country money transfer and we have great confidence in the future.
Thank you very much for listening to us today and Operator, we will take our first question.
Question-and-Answer Session
Operator
Ladies and gentlemen, if you would like to post a question, please press star one on your touchtone phone. If your question has answered and you wish to withdraw, you may press star two. Please press star one to begin.
And our first question will come from Greg Smith with Duncan Williams. Please proceed. And Mr. Smith, your line is open. Please check your mute feature on your phone.
Gregory Smith - Duncan Williams Inc.
Yeah. Hi. Can you hear me?
Christina A. Gold
Hi, Greg.
Scott T. Scheirman
Hi, Greg.
Gregory Smith - Duncan Williams Inc.
Hi. Good morning. Christina, you talked about prepaid. I was hoping you could just expand a little bit on that and kind of what you think the market opportunity is and how the revenue model will play out for Western Union?
Christina A. Gold
You know, as you look at the market for the prepaid, it''s in the billions of dollars. It''s a very large category and what we''re trying to determine exactly is what space are we playing in and we really are trying to look at our customers and see a couple of things.
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