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Western Union (WU) Ties Up To Boost Mexico's Money Transfers
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The Western Union Company (WU - Free Report) recently collaborated with one of the world’s largest retail chains - 7-Eleven Mexico in a bid to ease cross-border money transfers in Mexico.
By virtue of the partnership, WU’s enhanced money transfer services can be availed at over 1,800 7-Eleven locations. This facility offers an opportunity for the country’s consumers to seamlessly and safely send as well as receive money across the expansive network of Western Union operating in more than 200 countries and territories.
The tie-up enables consumers to send money to the abovementioned locations scattered across 14 states of the country. For receiving remittances, consumers need to visit any 7-Eleven store in Mexico and furnish the Money Transfer Control Number (MTCN) as well as official identification. Upon the authentication of data, the cash and a receipt copy will be handed over to the recipient. The remittance amount can be a maximum figure of $2,000 Mexican Pesos.
The latest move also offers accelerated and varied money transfer choices to Mexico’s consumers. Instead of choosing a retail location, the country’s consumers can also send money online through the Western Union app.
The alliance marks Western Union’s continuous efforts to bolster its retail service offerings portfolio and fortify its extensive network. 7-Eleven seems the apt partner for complementing WU’s endeavor as the company boasts a solid presence in Mexico. Therefore, consumers visiting 1,800-plus 7-Eleven stores, which is a significant number, will benefit from the increased utilization of WU’s money transfer services. This, in turn, might drive its money transfer revenues (a significant contributor to the top line) in the days ahead.
Western Union remains steadfast in establishing a solid footprint in Mexico and the recent partnership only bears testament to the same. Similar to 7-Eleven, Western Union also picked up another retail chain in Mexico - Alsuper, in 2022, for extending the reach of its money transfer services to the latter’s supermarket hubs across Northern Mexico.
The reason behind WU’s intensified focus can be substantiated by the January 2023 report of the Bank of Mexico, per which the total amount of remittance income during January-November of 2022 increased 13.5% from the prior-year comparable period. Worthy of mentioning, 99% of the remittance income was earned via electronic transfers, which signifies widespread digital adoption and a rising number of Internet users throughout Mexico.
Therefore, Western Union seems well-poised to capitalize on the digital prospects of the country due to its solid digital arm built through several digital tie-ups and substantial investments over the years.
Shares of Western Union have lost 6.6% year to date against the industry’s 5% growth. WU currently carries a Zacks Rank #3 (Hold).
The bottom line of Ritchie Bros. outpaced estimates in each of the last four quarters, the average being 28.59%. The Zacks Consensus Estimate for RBA’s 2023 earnings suggests an improvement of 2.9% from the year-ago reported figure. The same for revenues suggests growth of 7% from the year-ago reported number. The consensus mark for RBA’s 2023 earnings has moved 1.6% north in the past 60 days.
ICF International’s earnings outpaced estimates in each of the trailing four quarters, the average being 9.21%. The Zacks Consensus Estimate for ICFI’s 2023 earnings suggests an improvement of 1.7% from the year-ago reported figure. The same for revenues also suggests growth of 10.3% from the prior-year reading. ICFI boasts an impressive VGM Score of B.
The bottom line of ExlService outpaced estimates in each of the last four quarters, the average being 9.33%. The Zacks Consensus Estimate for EXLS’s 2023 earnings suggests an improvement of 11.6% from the year-ago reported figure. The same for revenues suggests growth of 12.4% from the year-ago actuals. The consensus mark for EXLS’s 2023 earnings has moved 1.5% north in the past seven days.
Shares of Ritchie Bros. and ICF International have gained 4% and 9.1%, respectively, year to date. However, the ExlService stock has lost 3.6% in the same time frame.
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Western Union (WU) Ties Up To Boost Mexico's Money Transfers
The Western Union Company (WU - Free Report) recently collaborated with one of the world’s largest retail chains - 7-Eleven Mexico in a bid to ease cross-border money transfers in Mexico.
By virtue of the partnership, WU’s enhanced money transfer services can be availed at over 1,800 7-Eleven locations. This facility offers an opportunity for the country’s consumers to seamlessly and safely send as well as receive money across the expansive network of Western Union operating in more than 200 countries and territories.
The tie-up enables consumers to send money to the abovementioned locations scattered across 14 states of the country. For receiving remittances, consumers need to visit any 7-Eleven store in Mexico and furnish the Money Transfer Control Number (MTCN) as well as official identification. Upon the authentication of data, the cash and a receipt copy will be handed over to the recipient. The remittance amount can be a maximum figure of $2,000 Mexican Pesos.
The latest move also offers accelerated and varied money transfer choices to Mexico’s consumers. Instead of choosing a retail location, the country’s consumers can also send money online through the Western Union app.
The alliance marks Western Union’s continuous efforts to bolster its retail service offerings portfolio and fortify its extensive network. 7-Eleven seems the apt partner for complementing WU’s endeavor as the company boasts a solid presence in Mexico. Therefore, consumers visiting 1,800-plus 7-Eleven stores, which is a significant number, will benefit from the increased utilization of WU’s money transfer services. This, in turn, might drive its money transfer revenues (a significant contributor to the top line) in the days ahead.
Western Union remains steadfast in establishing a solid footprint in Mexico and the recent partnership only bears testament to the same. Similar to 7-Eleven, Western Union also picked up another retail chain in Mexico - Alsuper, in 2022, for extending the reach of its money transfer services to the latter’s supermarket hubs across Northern Mexico.
The reason behind WU’s intensified focus can be substantiated by the January 2023 report of the Bank of Mexico, per which the total amount of remittance income during January-November of 2022 increased 13.5% from the prior-year comparable period. Worthy of mentioning, 99% of the remittance income was earned via electronic transfers, which signifies widespread digital adoption and a rising number of Internet users throughout Mexico.
Therefore, Western Union seems well-poised to capitalize on the digital prospects of the country due to its solid digital arm built through several digital tie-ups and substantial investments over the years.
Shares of Western Union have lost 6.6% year to date against the industry’s 5% growth. WU currently carries a Zacks Rank #3 (Hold).
Image Source: Zacks Investment Research
Stocks to Consider
Some better-ranked stocks in the Business Services space are Ritchie Bros. Auctioneers Incorporated (RBA - Free Report) , ICF International, Inc. (ICFI - Free Report) and ExlService Holdings, Inc. (EXLS - Free Report) . While Ritchie Bros. sports a Zacks Rank #1 (Strong Buy), ICF International and ExlService carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The bottom line of Ritchie Bros. outpaced estimates in each of the last four quarters, the average being 28.59%. The Zacks Consensus Estimate for RBA’s 2023 earnings suggests an improvement of 2.9% from the year-ago reported figure. The same for revenues suggests growth of 7% from the year-ago reported number. The consensus mark for RBA’s 2023 earnings has moved 1.6% north in the past 60 days.
ICF International’s earnings outpaced estimates in each of the trailing four quarters, the average being 9.21%. The Zacks Consensus Estimate for ICFI’s 2023 earnings suggests an improvement of 1.7% from the year-ago reported figure. The same for revenues also suggests growth of 10.3% from the prior-year reading. ICFI boasts an impressive VGM Score of B.
The bottom line of ExlService outpaced estimates in each of the last four quarters, the average being 9.33%. The Zacks Consensus Estimate for EXLS’s 2023 earnings suggests an improvement of 11.6% from the year-ago reported figure. The same for revenues suggests growth of 12.4% from the year-ago actuals. The consensus mark for EXLS’s 2023 earnings has moved 1.5% north in the past seven days.
Shares of Ritchie Bros. and ICF International have gained 4% and 9.1%, respectively, year to date. However, the ExlService stock has lost 3.6% in the same time frame.