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Western Union (WU) Ties Up to Bolster South Korea Presence

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  • WU

The Western Union Company WU has partnered with Korea Investment & Securities (Korea I&S), a well-established financial service provider in South Korea. Western Union will provide consumer-to-consumer money transfer services through digital and retail channels to the account holders of Korea I&S.

With this latest tie-up, the account holders of Korea I&S can remit money through Western Union utilizing either truefriend.com or Korea I&S’s mobile app. The digital service of receiving money transfers through web and app will go live within the next few months.

The account holders can also choose to send and receive money across over 88 Korea I&S locations situated nationwide.

Further, the money transfers via digital or retail channels of Korea I&S can be dispensed into the bank accounts of recipients across specific countries. The transfers can also be made at over 550,000 retail locations of Western Union spanning across more than 200 countries and territories.

The recent tie-up seems to be a win-win situation for both Western Union and Korea I&S. Both the companies have been making consistent efforts to help customers by offering seamless, secured and time savy global money transfer services.

Moreover, the move highlights Western Union’s ardent efforts to bolster its presence across South Korea. Last year, it expanded ties with NongHyup by virtue of which Western Union will provide its money transfer services at over 4,000 locations of te the former spread across South Korea. This service will commence by 2024.

South Korea is an attractive market for Western Union since the nation has been investing heavily in innovative technologies. This positions it as a leading global information and communication technology center.

Another company with a cross-border money movement platform, namely MoneyGram International, Inc. MGI joined forces with Global Money Express Co., Ltd (“GME”) to strengthen foothold in South Korea.

Shares of this Zacks Rank #3 (Hold) company have gained 36.7% in a year compared with the industry’s rally of 23.4%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Time and again, Western Union has pursued collaborations with several global financial service providers, which are aimed at bolstering its digital capabilities and facilitating enhanced management of global payments. Last month, the company partnered with Bank Rakyat Indonesia (“BRI”) to empower Indonesian customers with enhanced digital and international money transfer services at the latter’s branch locations. The company’s digital arm, which has been built through massive investments, proved to be of great use in money transfers for people residing away from their families amid the coronavirus outbreak.

Other companies that have made significant investments to upgrade their digital arm are PayPal Holdings Inc. PYPL and Square, Inc. SQ.

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The Western Union Company (WU) : Free Stock Analysis Report

MoneyGram International Inc. (MGI) : Free Stock Analysis Report

PayPal Holdings, Inc. (PYPL) : Free Stock Analysis Report

Square, Inc. (SQ) : Free Stock Analysis Report

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