In sync with its long-term strategy to grow its mobile money transfer service, Western Union Co.
(WU - Analyst Report
), 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).