The Western Union Company ( WU Quick Quote WU - Free Report) recently collaborated with Philippines-based financial institution, Metropolitan Bank & Trust Company, in a bid to address international intricacies, thus facilitating speedier international money transfers to the Philippines.
Shares of Western Union gained 1.4% on Nov 5.
The recent tie-up will enable customers to receive international money transfers into bank accounts in real-time in the Philippines by utilizing the real-time account payout capabilities of Western Union. The partnership seems to be in sync with Western Union’s endeavor of rolling out money transfer solutions for digitizing money transfers. Pursuing such initiatives seems to be the need of the hour owing to the growing inclination toward digital means amid the COVID-19 pandemic.
The latest alliance marks the addition of Metrobank in Western Union’s rapidly expanding network of partners. Western Union’s capabilities enable customers to send money to not only billions of bank accounts but also millions of mobile wallets and cards across over 125 countries. It has real-time capabilities spanning across 100 countries. Besides, the company facilitates cash payout in roughly 600,000 retail locations stretched across more than 200 countries and territories.
The recent move highlights Western Union’s sincere efforts to bolster its global account payout capabilities and expand account payout network. The company has been ramping up connections to bank accounts for the last few years.
Initiatives similar to the latest one highlight Western Union’s efforts to bolster its presence across the Philippines. The company offers a wide array of retail and digital solutions for providing convenient money transfer services to its vast customer base across the country. The agent retail network of the company encompasses above 22,000 locations throughout the Philippines.
In August 2021, the company joined forces with PERA HUB in a bid to facilitate seamless money receipts through the UnionBank app across the Philippines for the first time. It partnered with Cebuana Lhuillier, which added over 2,500 locations to the global network of Western Union and enabled hassle-free money transfers for customers in the Philippines.
Western Union seems to keep a keen eye on the Philippines, which has been identified as one of the leading five remittance receipt countries as stated by the World Bank. The country has been witnessing widespread digital penetration and rising number of Internet users, which provides the company the perfect ground to capitalize on.
Western Union has been pursuing initiatives to bolster its digital capabilities and facilitate enhanced management of global payments for a long time now. Convenient money transfers, either through the company’s digital services spread across over 75 countries and territories or its retail Agent network spanning more than 200 countries and territories, have always been one of the primary targets of the company.
Zacks Rank & Price Performance
Shares of Western Union, which carries a Zacks Rank #3 (Hold), have lost 15.6% in a year compared with the
industry’s decline of 16.6%. Image Source: Zacks Investment Research Stocks to Consider
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