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Western Union (WU) Digital Platform to Serve Cubans in US
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In an effort to better serve the Cuban diaspora residing in the U.S., Western Union Co. (WU - Free Report) , the leader in the money transfer market has enabled mobile and online money transfers to the region.
Tech savvy customers can now transfer funds to Cuba via wu.com and the Western Union app which is available on iOS and Android phones. Western Union has been serving Cuba for more than 15 years, represented by its principal agent Fincimex. By enabling digital transfer, the company will be able to provide an integrated service to Cubans. The money transferred can be received in local Cuban currency at a wide network of 420 agent locations in Cuba.
The Western Union app and wu.com has been equipped with a new feature “Send to Cuba” which will enable customers to send and track their remittances.
This service will be convenient for customers as it will increase accessibility and ensure remittance within minutes.
Not only the U.S. Cuban diaspora, other customers residing in 29 countries can also avail of this service.
Western Union has rolled out this mobile payments service to tap the rapid proliferation of mobile phones for making remittances. The mobile money transfer market is growing by leaps and bounds.
Western Union, which traditionally did business via its brick and mortar stores, is now increasing investing in digital capabilities. With the increased use of technology in everyday life, the industry has undergone a sea change where electronic money transfer via online and mobile are preferred.
While PayPal Holdings, Inc. (PYPL - Free Report) , which recently acquired Xoom is a big player, a number of small players – M-Pesa, TransferWise, WeSwap, PeerTransfer WirldRemit and Remitly – are more established in the digital money transfer business and are giving stiff competition to Western Union. In order to maintain its market leadership, the company has been investing aggressively in this channel. Its online money transfer services are now available in 36 countries globally.
Western Union carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the space are Global Total System Services, Inc. and Fidelity National Information Services, Inc. (FIS - Free Report) . Both stocks carry a Zacks Rank #2 (Buy).
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Western Union (WU) Digital Platform to Serve Cubans in US
In an effort to better serve the Cuban diaspora residing in the U.S., Western Union Co. (WU - Free Report) , the leader in the money transfer market has enabled mobile and online money transfers to the region.
Tech savvy customers can now transfer funds to Cuba via wu.com and the Western Union app which is available on iOS and Android phones.
Western Union has been serving Cuba for more than 15 years, represented by its principal agent Fincimex. By enabling digital transfer, the company will be able to provide an integrated service to Cubans. The money transferred can be received in local Cuban currency at a wide network of 420 agent locations in Cuba.
The Western Union app and wu.com has been equipped with a new feature “Send to Cuba” which will enable customers to send and track their remittances.
This service will be convenient for customers as it will increase accessibility and ensure remittance within minutes.
Not only the U.S. Cuban diaspora, other customers residing in 29 countries can also avail of this service.
Western Union has rolled out this mobile payments service to tap the rapid proliferation of mobile phones for making remittances. The mobile money transfer market is growing by leaps and bounds.
Western Union, which traditionally did business via its brick and mortar stores, is now increasing investing in digital capabilities. With the increased use of technology in everyday life, the industry has undergone a sea change where electronic money transfer via online and mobile are preferred.
While PayPal Holdings, Inc. (PYPL - Free Report) , which recently acquired Xoom is a big player, a number of small players – M-Pesa, TransferWise, WeSwap, PeerTransfer WirldRemit and Remitly – are more established in the digital money transfer business and are giving stiff competition to Western Union. In order to maintain its market leadership, the company has been investing aggressively in this channel. Its online money transfer services are now available in 36 countries globally.
Western Union carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the space are Global Total System Services, Inc. and Fidelity National Information Services, Inc. (FIS - Free Report) . Both stocks carry a Zacks Rank #2 (Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>