A rapid change is being witnessed in the ways of transferring
money among consumers throughout the globe. The findings of the
survey undertaken by the world's leading money transfer company,
Western Union Co.
) suggests this is true.
The survey named Western Union Payments Money Mindset Index,
reveals that consumers are shifting to online as well as mobile
mode of payments. In the U.S. alone, 39% of consumers said
they would pay more bills online in 2013, while 12% were willing
to pay more bills by mobile phone.
Western Union is intent to grow its mobile payment channel of
business (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 service.
In case of an emergency payment, 14% of the consumers are
eager to choose payment via mobile. Moreover, 25% express their
intention to use less of the traditional mail service to pay
The bill payment landscape is witnessing sweeping changes
regarding the pattern in which the consumers are willing to make
payments. Some of the payment options are 46.5% of bills paid via
a biller, bank or credit union website; 20.2% of bills paid via
mail; 19.6 of bills paid through automatic deduction or recurring
payment; 8.7% of bills paid in-person at a walk-in location; 3%
of bills are paid via a landline phone; and 2% of bills are paid
via mobile phone.
In order to keep pace with the fast changing trends in the
money transfer industry, Western Union is aggressively embracing
the use of new age technology for flawless service to 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 already operates mobile money transfer service around
the world in countries such as Afghanistan, Bangladesh, El
Salvador, Guatemala, Indonesia, Kenya, Madagascar, Malaysia,
Paraguay, the Philippines, Tanzania, Uganda, Vietnam, and the
Another player from the same industry
Moneygram International Inc.
) also offers mobile payment service.
Western Union currently retains a Zacks Rank #3 (Hold).
Other players providing financial services -
) both with Zacks Rank #2 (Buy) are worth considering.
FISERV INC (FISV): Free Stock Analysis Report
MONEYGRAM INTL (MGI): Free Stock Analysis
VISA INC-A (V): Free Stock Analysis Report
WESTERN UNION (WU): Free Stock Analysis
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