Western Union (WU) Expands Online Capabilities in Europe
World’s leading money transfer company, Western Union Co. WU has launched online money transfer capabilities in Europe. The regions include Bulgaria, Croatia, Romania and Solvenia.
Western Union’s customers in this region will now be able to make online and mobile Western UnionMoney Transfer® transactions using the website or the country’s agent locations.
Earlier, the company had expanded its online service in other European regions like Austria, Belgium, Germany, the Netherlands and the United Kingdom.
This year alone, the company has already announced nine new online transactional sites; new mobile money transfer launches with MTN in Rwanda and the Ivory Coast as well as with Tigo in Rwanda; new connections to ATMs in Poland; new self-service kiosks with WHSmith in the U.K., and new card and ATM-based receive services through MasterCard in Romania.
The recent initiatives by the company reflect its continued emphasis on expanding its digital money transfer platform. The company foresees huge potential in the digital money transfer segment which is in great demand as consumers are increasingly choosing quicker and safer options to transfer money.
Western Union digital comprises wu.com (C2C and C2B) and mobile money transfer Westernunion.com. C2C revenues grew 22% in the third quarter, or 28% on constant currency. Westernunion.com transactions increased 25%, and U.S.-originated online transactions grew 32%. Electronic channels revenues, which include wu.com, account-based money transfers through banks and mobile money transfers, represented 7% of total company revenue in the third quarter.The company provides online money transferring service in 33 countries with cash payout in over 200 countries and territories.
Western Union is nonetheless facing digital competition as more technology-savvy competitors are entering the sector. Player Paypal Holdings, Inc. PYPL has a significant presence in this space. MoneyGram International Inc. MGI, another money transfer company based in the United States, is also fast developing its digital money transfer business.
Western Union carries a Zacks Rank #3 (Hold). A better-ranked stock Vantiv, Inc. VNTV, with a Zacks Rank #1 (Strong Buy), is worth considering.
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