In sync with its long term strategy to expand its mobile money transfer service, Western Union Co. (WU - Analyst Report) has announced offer of two mobile applications to its customers. One of the applications will assist billers in financial services, mortgage, insurance, cable, telecommunications and other industries. Another application is meant for billers in the utility industry.
The customers can use these applications, while making transaction via its Speedpay service.
Speedpay Mobile Payment App will enable billers who provide bill details online and also accept payments online in order to provide to its customers another way of making payments via their mobiles.
Customers can thereby download the application from any of the online locations. They can also get it from the apps store where billers applications are available.
Western Union has made payments easier by allowing its customers the liberty to choose from a number of phones such as Android, iPhone and iPad. The application also provides options to show any earlier payments made by customers.
The second application which is specifically for customers making payment to utility companies has additional features. Customers can use their mobiles to view and pay bills, monitor usage, and track and report outages. This application will be offered in tandem with mobile applications offered by iFactor, a company specializing in communications for the utilities industry.
Western Union intends to grow its business mobile payment channels with 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 services. The company’s Money Mindset Index, has indicated that online payments will increase by 39% in 2013 while mobile is expected to increase by 12%.
Western Union is aggressively embracing the use of new age technology for providing flawless service to its customers. Mobile payments are gaining momentum due to convenience and round-the-clock accessibility. This service is expected to witness faster adoption rate than any other electronic channel.
The company is already operating its mobile money transfer service in many of the regions of the world 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).