Western Union Offers Mobile Money - Analyst Blog
September 28 2012 - 2:06PM
Zacks
In an effort to serve its customers in a better way, money
transfer company Western Union Co. (WU) has
launched its Mobile Money Transfer service in El Salvador.
The company has tied up with Tigo Money for providing this
service in this latin American region. Tigo Money – Tigo’s mobile
money service – will allow the people of this region to receive
money from Western Union customers around the globe.
Tigo’s wide network in 13 markets across Latin America and
Africa has motivated Western Union to consider it for an alliance.
Tigo is a subsidiary of the telecommunication group Millicom
International Cellular S.A.
The service will help the subscribers of Tigo to directly
receive funds through their mobile from around the world. They can
also use the funds received through this service to recharge mobile
phones.
Western Union El Salvador as an attractive remittance market
because of its large migrant population.
The company is aggressively embracing the use of new age
technology for providing flawless service to its customers. Mobile
payments are gaining momentum due to its convenience and
round-the-clock accessibility. This service is expected to witness
faster adoption rate than any other electronic channel.
As of December 31, 2011, there were over 150,000 Western Union
agent locations enabled with the technology to transfer money
through a mobile phone. Although mobile transfer contributes a
small portion to the company’s revenues, Western Union is
witnessing strong growth in some corridors.
Peer MoneyGram International Inc. (MGI) is
also advancing its mobile services. the company has recently
announced a strategic alliance with the globally leading digital
security provider, Gemalto, to offer money transfer solution on the
latter's LinqUs Mobile Money payment platform. Accordingly,
MoneyGram's customers will be able to transfer money from their
mobile phones to any of the company's 284,000 global locations in
about 194 countries.
MONEYGRAM INTL (MGI): Free Stock Analysis Report
WESTERN UNION (WU): Free Stock Analysis Report
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