Back to top

Analyst Blog

In an effort to provide additional service in the United Arab Emirates region, Western Union Co. (WU - Analyst Report), has announced launch of prepaid payroll card in partnership with Commercial Bank of Dubai. 
 
This service by Western Union marks a continuing commitment to create innovative solutions that address unmet needs in the UAE marketplace. Via this offering the company will be able to tap the market opportunity created by new regulation in the UAE.
 
As per the new regulation called Wages Protection System floated by the Government of UAE, all the workers will mandatorily receive their wages electronically. They will therefore receive their wages either directly into their bank accounts or  credited into prepaid cards.
 
Once they receive the funds in their cards, it can be used to make payment for any transaction directly from the prepaid card. Immigrants can also remit money back home via thus card. This facility will save customers any  waiting time outside an ATM. 
 
Western Union is already present in UAE. It has tie up with Emirates NBD, a leading regional bank which offers Account-Based Money Transfer service to the accountholders of Emirates NBD.  
 
The card can also be used at other Western Union Agent locations in the UAE to remit funds to more than 515,000 Western Union locations in 200 countries and territories.
 
Gradually Western Union will also introduce a service whereby workers in the UAE will be able to send funds directly from the card online or with their phones.
 
Another company MoneyGram International Inc. (MGI - Analyst Report) also provides services in UAE.
 
Western Union retains a Zacks Rank #4 (Sell). Other players – Visa Inc. (V - Analyst Report) and Outerwall Inc. (OUTR - Snapshot Report) both with Zacks Rank #2 (Buy) are worth considering

Please login to Zacks.com or register to post a comment.

New to Zacks?

Start Here

Zacks Investment Research

Close

Are you a new Zacks Member or a visitor to Zacks.com?

Top Zacks Features

My Portfolio Tracker

Is it Time to Sell?

One of the most important steps you can take today is to set up your portfolio tracker on Zacks.com. Once you do, you'll be notified of major events affecting your stocks and/or funds with daily email alerts.

More Zacks Resources

Zacks Rank Home - Evaluate your stocks and use the Zacks Rank to eliminate the losers and keep the winners.

Mutual Fund Rank Home - Evaluate your funds with the Mutual Fund Rank for both your personal and retirement funds.

Stock/Mutual Fund Screening - Find better stocks and mutual funds. The ones most likely to beat the market and provide a positive return.

My Portfolio - Track your Portfolio and find out where your stocks/mutual funds stack up with the Zacks Rank.

Zacks #1 Rank Top Movers for Zacks #1 Rank Top Movers

Company Symbol Price %Chg
UNITED THER… UTHR 117.83 +28.51%
TRIQUINT SE… TQNT 20.67 +6.52%
VASCO DATA… VDSI 14.77 +4.68%
BANCO DO BR… BDORY 15.53 +3.95%
STRATTEC SE… STRT 80.24 +3.00%