In an effort to solidify its agent network in U.S. and Europe, Western Union Co. (WU) has renewed its agreement with affiliates of Axcess Financial, a financial service provider. Its affiliates Check ‘n Go and Cheque Centre will continue to provide service to customers.
Check ‘n Go is a U.S.-based small dollar lender for short-term. Cheque Centre is one of the UK’s leading alternative retail financial services companies with stores throughout Scotland, England, Wales and Northern Ireland.
Western Union will continue to provide money transfer service via more 1000 locations of Check ‘n Go in the U.S. Other services like money order, and bill payment services will also be provided.
In the U.K., Western Union will provide money transfer service via Cheque Centre in more than 500 locations.
Western Union already has a significant presence in both Europe as well as U.S. Another money transfer company MoneyGram International Inc. (MGI) is also actively present in these regions.
Western Union is aggressively expanding its agent locations in order to gain a greater market share in the global money transfer market. Its total agent locations increased 10,000 year over year to 520,000 as of end of the second quarter of 2013.
In order to gain market share, Western Union is also developing other new age technology offerings such westernunion.com, prepaid, mobile and online transfer via banks.
These initiatives undertaken by Western Union will ramp up its growth profile going forward.
Western Union currently retains a Zacks Rank #3 (Hold).
Other players providing money transfer facility across the globe are Visa Inc. (V) and Fiserv, Inc. (FISV).
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