Western Union (WU) Offers Money Transfer Services Via Walmart
The Western Union Company WU money transfer services are now available at the Walmart Inc. WMT stores. The latter’s customers can now make domestic and international money transfers, bill payments and money orders for sending money globally using the network of the former.
All 4700 Walmart outlets across the United States will enjoy this facility. Money can be transferred on a real-time basis in more than 200 countries at more than 550,000 Western Union’s retail locations. Money can also be sent into billions of bank accounts, wallets or cards with which Western Union has a tie-up.
The latest deal empowers Western Union to expand its money movement and payment service capabilities. It will boost the company’s consumer-to-consumer business. This segment accounts for the chunk of the company’s revenues (87% in 2020) and has been under pressure for some time.
Walmart also has an alliance with Western Union’s peer MoneyGram International Inc. MGI. MoneyGram powers the white-label Walmart2World service available at its 4,700 stores. It also provides its digital remittance platform enabling users to initiate and receive funds through mobile and online channels.
Walmart uses Ria Money, a subsidiary of Euronet Worldwide Inc. EEFT, which provides Walmart2Walmart, a domestic money transfer service launched in 2014.
Coming back to Western Union’s latest move, it seems to be time opportune as the COVID-19 pandemic emphasized the importance of moving funds across borders on a real-time basis.
Western Union collaborated with several financial institutions worldwide to manage international payments better. The company extended its 35-year relationship with Kroger in October 2020 in a bid to benefit the latter’s customers with its expanded suite of domestic and international payment services.
Shares of this currently Zacks Rank #3 (Hold) company have gained 12.2% year to date against the industry’s decline of 1.4%.
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