WU Expands Mobile Service - Analyst Blog
September 06 2013 - 4:05PM
Zacks
In sync with its long-term strategy to grow its mobile money
transfer service, Western Union Co. (WU), has
rolled out mobile money transfer service for Sprint's
customers.
The mobile money transfer service will be available to
Sprint’s prepaid customers using Boost Mobile and Virgin Mobile USA
brands. Via the service the customers can make a Western Union
Money Transfer® transaction directly from the Money Center within
the Boost Zone and Virgin Zone portals on their mobile phones. This
service will, however, be available for selected Android
smartphones.
The customers also have the facility to conduct a Western
Union Money Transfer transaction via m.wu.com site.
The customers will have to register themselves at Boost Zone
and Virgin Zone portals in order to use the mobile money transfer
service. After the registration the customers will be able to send
money to the global Western Union agent network in 200 countries
and territories around the world.
Western Union is aggressively developing its mobile money
transfer network across the globe. It currently has 20 active
partners globally for mobile money transfer. Its mobile money
transfer service is now available in 18 countries.
Western Union’s mobile money transfer service provides
consumers in these countries with the ability to transfer money to
a mobile wallet or bank account. Consumers can also initiate
transactions from their mobile phones and send money from mobile
wallets or bank accounts.
Western Union has also been adding mobile applications to make
the service more convenient for its customers.
Western Union is intent on growing its mobile payment channel
of business (SMS, and mobile web, as well as walk-in, phone and
online payment services), since it foresees tremendous growth in
this line of money transfer service. The company’s Money Mindset
Index, shows that online payments will increase by 39% in 2013
while mobile payment is expected to increase by 12%.
Western Union is aggressively embracing the use of new age
technology for flawless service to its customers. Mobile payments
are gaining momentum due to convenience and round-the-clock
accessibility. This service is expected to witness a faster
adoption rate than any other electronic channel.
The company has already in operation mobile money transfer
services in many other countries such as Afghanistan, Bangladesh,
El Salvador, Guatemala, Indonesia, Kenya, Madagascar, Malaysia,
Paraguay, the Philippines, Tanzania, Uganda, Vietnam, and the
U.S.
Western Union currently retains a Zacks Rank #3 (Hold).
Other players providing mobile money transfer facility are
Visa Inc. (V), Fiserv, Inc.
(FISV), and Moneygram International Inc. (MGI)
among others
FISERV INC (FISV): Free Stock Analysis Report
MONEYGRAM INTL (MGI): Free Stock Analysis Report
VISA INC-A (V): Free Stock Analysis Report
WESTERN UNION (WU): Free Stock Analysis Report
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