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Western Union Unveils E-App in Singapore for Money Clearance
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The Western Union Company (WU - Free Report) recently introduced its Western Union mobile app in Singapore, which would allow customers to connect with their close ones world-wide, round the clock. Singapore is the third place in Asia where Western Union went active this year as people living in Hong Kong and Malaysia are already benefiting from the company’s advanced digital acceleration.
With the activation of this deal, customers can now send cash to billions of bank accounts around the world, available mobile wallets and even to more than half a million Agent locations in above 200 countries and territories throughout the day. People can now pay with a card or an account of their choice via this app. Moreover, they now also have the option to pay personally in retail.
Singapore, the fourth largest emitter in Asia after Hong Kong, Japan and Malaysia, is a primary center for money movement. According to an IFAD report titled RemitSCOPE, the country accounted for around USD6.1 billion of remittances last year. Singapore is a famous international labor market that offers both high and low skill employment.
Per the Global Talent Competitiveness Index 20182 rankings by INSEAD, the place holds the first position in the region and second in the world when it comes to drawing and nurturing talent. People in the area enjoy familial relations with almost all countries in the world. Western Union itself moved money into 175 countries from Singapore in 2017.
According to the Singapore Economic Development Board3, the region is well on its way to capitalize on the advantages of digitization. And with the launch of the Smart Nation4 programme, Singapore intends to boost acceptance of digital and advanced technologies.
The company has provided money transfer service in Singapore for more than 15 years. This is yet another effort made by Western Union to strengthen its portfolio. Over the years, it has constantly expanded its digital platform enabling customers to make the most of a seamless and convenient online money transfer.
In 2017, the company processed around 32 transactions every second and transferred $300 billion in 130 currencies.Digitally initiated money transfer, which includes westernunion.com and Mobile Money Transfer, is the fastest-growing segment in the market, pulling in customers and ramping up business for Western Union. Revenues from the company’s digital platform have been increasing for the past many quarters.
The company has expanded westernunion.com to 50 countries and territories. Also, it has many other digital initiatives on track. Recently, the company undertook a business transformation program called WU Way, which aims to reinforce operational efficiencies through digitization. A crucial uptick in its global digital plans should further generate revenues from this platform.
Shares of this Zacks Rank #2 (Buy) company have lost 9.4% in a year’s time against its industry’s growth of 10%.
Other Stocks to Consider
Investors interested in the financial transaction services sector can also look into some other top-ranked stocks like Cardtronics plc , Evertec, Inc. (EVTC - Free Report) and Green Dot Corporation (GDOT - Free Report) .
Cardtronics plc provides automated consumer financial services via its network of automated teller machines (ATMs) and multi-function financial services kiosks. The company sports a Zacks Rank #1 (Strong Buy) and came up with average four-quarter beat of 50.24%. You can see the complete list of today’s Zacks #1 Rank stocks here.
EVERTEC engages in transaction processing business, serving financial institutions, merchants, corporations and government agencies in Latin America and the Caribbean. The stock carries a Zacks Rank of 2 and pulled off average earnings surprise of 16.99% over the last four reported quarters.
Green Dot operates as a pro-consumer bank holding company, providing personal banking for the masses. The company has a Zacks Rank of 1 anddelivered average four-quarter positive surprise of 18.40%.
Wall Street’s Next Amazon
Zacks EVP Kevin Matras believes this familiar stock has only just begun its climb to become one of the greatest investments of all time. It’s a once-in-a-generation opportunity to invest in pure genius.
Image: Bigstock
Western Union Unveils E-App in Singapore for Money Clearance
The Western Union Company (WU - Free Report) recently introduced its Western Union mobile app in Singapore, which would allow customers to connect with their close ones world-wide, round the clock. Singapore is the third place in Asia where Western Union went active this year as people living in Hong Kong and Malaysia are already benefiting from the company’s advanced digital acceleration.
With the activation of this deal, customers can now send cash to billions of bank accounts around the world, available mobile wallets and even to more than half a million Agent locations in above 200 countries and territories throughout the day. People can now pay with a card or an account of their choice via this app. Moreover, they now also have the option to pay personally in retail.
Singapore, the fourth largest emitter in Asia after Hong Kong, Japan and Malaysia, is a primary center for money movement. According to an IFAD report titled RemitSCOPE, the country accounted for around USD6.1 billion of remittances last year. Singapore is a famous international labor market that offers both high and low skill employment.
Per the Global Talent Competitiveness Index 20182 rankings by INSEAD, the place holds the first position in the region and second in the world when it comes to drawing and nurturing talent. People in the area enjoy familial relations with almost all countries in the world. Western Union itself moved money into 175 countries from Singapore in 2017.
According to the Singapore Economic Development Board3, the region is well on its way to capitalize on the advantages of digitization. And with the launch of the Smart Nation4 programme, Singapore intends to boost acceptance of digital and advanced technologies.
The company has provided money transfer service in Singapore for more than 15 years. This is yet another effort made by Western Union to strengthen its portfolio. Over the years, it has constantly expanded its digital platform enabling customers to make the most of a seamless and convenient online money transfer.
In 2017, the company processed around 32 transactions every second and transferred $300 billion in 130 currencies.Digitally initiated money transfer, which includes westernunion.com and Mobile Money Transfer, is the fastest-growing segment in the market, pulling in customers and ramping up business for Western Union. Revenues from the company’s digital platform have been increasing for the past many quarters.
The company has expanded westernunion.com to 50 countries and territories. Also, it has many other digital initiatives on track. Recently, the company undertook a business transformation program called WU Way, which aims to reinforce operational efficiencies through digitization. A crucial uptick in its global digital plans should further generate revenues from this platform.
Shares of this Zacks Rank #2 (Buy) company have lost 9.4% in a year’s time against its industry’s growth of 10%.
Other Stocks to Consider
Investors interested in the financial transaction services sector can also look into some other top-ranked stocks like Cardtronics plc , Evertec, Inc. (EVTC - Free Report) and Green Dot Corporation (GDOT - Free Report) .
Cardtronics plc provides automated consumer financial services via its network of automated teller machines (ATMs) and multi-function financial services kiosks. The company sports a Zacks Rank #1 (Strong Buy) and came up with average four-quarter beat of 50.24%. You can see the complete list of today’s Zacks #1 Rank stocks here.
EVERTEC engages in transaction processing business, serving financial institutions, merchants, corporations and government agencies in Latin America and the Caribbean. The stock carries a Zacks Rank of 2 and pulled off average earnings surprise of 16.99% over the last four reported quarters.
Green Dot operates as a pro-consumer bank holding company, providing personal banking for the masses. The company has a Zacks Rank of 1 anddelivered average four-quarter positive surprise of 18.40%.
Wall Street’s Next Amazon
Zacks EVP Kevin Matras believes this familiar stock has only just begun its climb to become one of the greatest investments of all time. It’s a once-in-a-generation opportunity to invest in pure genius.
Click for details >>