In an effort to better serve the small and medium enterprises
Western Union Co.
) has partnered with IndusInd Bank Ltd.
Per the agreement Western Union will provide its money
transfer service to the SMEs.
Western Union has been particularly attracted towards the
Indian market because of its large SME population which currently
stands at 30 million. The number of SMEs is expected to grow
going forward, fueling increased demand for money transfer
IndusInd Bank has also hired two of Western Union's largest
agents, Weizmann Forex Ltd and Paul Merchants Ltd, as referral
agents, which will help the bank to develop the money transfer
services in India.
IndusInd bank will provide facilities at certain branches of
Weizmann Forex Ltd and Paul Merchants Ltd. in 22 cities across
IndusInd Bank will also ensure money transfer service at the
homes of the customers. When requested by customers, agents from
Weizmann Forex Ltd and Paul Merchants Ltd will visit the homes or
offices of customers to assist them.
Apart from home services, other benefits include a wide array
of currencies to choose from to make international transactions,
efficient and quick processing of transactions, automatic
notification via email and transparent pricing and increased
Western Union views India as a market with long term growth
opportunity. The increasing population of Indian immigrants is
expected to fuel long term demand for remittance, thus increasing
the company's business frm the region . Apart from India, Western
Union has a presence in other countries in Europe, Middle East
MoneyGram International Inc.
) also provides services in India.
Western Union retains a Zacks Rank #3 (Hold). Other players -
Weight Watchers International, Inc.
) both with Zacks Rank #2 (Buy) are worth considering.
MONEYGRAM INTL (MGI): Free Stock Analysis
VISA INC-A (V): Free Stock Analysis Report
WEIGHT WATCHERS (WTW): Free Stock Analysis
WESTERN UNION (WU): Free Stock Analysis
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