It’s a great time to be offering passport services. In the next couple of years, the U.S. Department of State anticipates a rise in new and renewal applications because of expiring passports, heightened security rules, and an improving economy.
The U.S. Postal Service’s unassuming money order product actually has quite a distinguished history. The government established the United States Money Order System in 1864 as a safe way for Union soldiers to send money home to relatives.
A century and a half later, Americans still find money orders valuable. Last year, over 6 million American households purchased about 100 million of them with a face value of roughly $21 billion. Money orders – among the Postal Service’s most profitable products – generated $159 million in revenue in fiscal year 2015.
The law of unintended consequences tells us that actions, especially on a large scale, may have surprisingly unexpected results. Take the eCommerce boom. The $350 billion eCommerce industry (in the United States) has transformed the retail and delivery business and given the customer greater control of the buying experience.