The Western Union Company’s WU digital segment Western Union Digital recently announced its plan to ramp up digital expansion around the globe. The company intends to grow in more than 200 countries and territories with complete focus on the mobile channel that helps the company generate nearly 70% of its digital transactions.
Western Union Digital is the fastest growing business of the parent company, providing 24/7 digital services across prime regional economic hubs of Asia, Latin America and the Middle East to billions of consumer bank accounts.
The company already has its digital existence in Hong Kong and is now ready to commence services in Malaysia and Singapore in Asia within a few weeks. Additionally, the company is alive and kicking/operational across the Latin American countries, namely Brazil, Jamaica and Panama with Mexico ready to follow suit. Whereas in the Middle East, the company is strongly present in Bahrain, Kuwait, Qatar and Oman with United Arab Emirates to soon join the brigade. The company also boasts a significant footprint across North America apart from major parts of Europe plus Australia and New Zealand. Notably, Western Union Digital has adequate expertise in this field including a vast global network and treasury as well as compliance infrastructure, empowering it to form a sophisticated cross-border, cross-currency platform.
Recently, one of its peers, MoneyGram International, Inc. MGI, launched its online platform in Ireland, Poland, Sweden, Norway and Denmark as part of its global expansion strategy. With this, users are able to send money to above two billion bank accounts and mobile wallets or to any MoneyGram location across more than 200 countries and territories.
Other companies such as Visa Inc. V and Mastercard Incorporated MA have also made investments this year in boosting their global digital reach. Accelerating the digital payments segment is extremely important for these companies as technological innovations and changing preferences for payments makes digital payments a preferred and most sought after way.
More and more consumers are opting for digital payments, given its ease, security, flexibility, convenience thereby increasing demand for digital payments services.
Western Union has been witnessing rising revenues from the digital platform over the past many quarters. Its progress in global digital initiatives is further expected to drive revenues going forward.
Shares of this Zacks Rank #3 (Hold) company have lost nearly 0.2% in a year’s time against its industry’s growth of 36.2%.
Stocks to Consider
Investors interested in the miscellaneous services industry might take a look Euronet Worldwide, Inc. EEFT, carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Euronet provides payment and transaction processing and distribution solutions to financial institutions, retailers, service providers and individual consumers worldwide. The company carries a Zacks Rank #2 (Buy). It came up with an average four-quarter positive surprise of 0.38%.
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