In sync with its long term strategy to expand its mobile money
Western Union Co.
) 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
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
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
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).
Other players providing mobile money transfer facility are
Moneygram International Inc.
) among others.
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