Western Union's Digital Investments To Strengthen Its Hold
Zacks Investment Research | Aug 28, 2016 09:58PM ET
World’s leading money transfer company, Western Union Co. (NYSE:WU) is consistently taking initiatives to shore up its presence in the rapidly evolving digital payments markets.
The company, which until few years ago had little or literally no presence in the electronic payments space, is now deriving 8% of total consumer to consumer segment revenues. It also witnessed a revenue growth of 19% during the second quarter.
Digitally initiated money transfer, which includes westernunion.com and Mobile Money Transfer, is the fastest-growing segment of the market that is bringing new customers to Western Union.
In order to keep pace with technological advancements in the money transfer business, the company had developed services like prepaid, westernunion.com and mobile money transfer. The company continued its digital expansion by introducing upgraded mobile transaction apps for westernunion.com in eight markets. With these, the company’s digital presence is available in 37 countries, with mobile apps in 11 of these.
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