In sync with its long-term strategy to grow its mobile money
Western Union Co.
), has rolled out mobile money transfer service for Sprint's
The mobile money transfer service will be available to
Sprint's prepaid customers using Boost Mobile and Virgin Mobile
USA brands. Via the service the customers can make a Western
Union Money Transfer® transaction directly from the Money Center
within the Boost Zone and Virgin Zone portals on their mobile
phones. This service will, however, be available for selected
The customers also have the facility to conduct a Western
Union Money Transfer transaction via m.wu.com site.
The customers will have to register themselves at Boost Zone
and Virgin Zone portals in order to use the mobile money transfer
service. After the registration the customers will be able to
send money to the global Western Union agent network in 200
countries and territories around the world.
Western Union is aggressively developing its mobile money
transfer network across the globe. It currently has 20 active
partners globally for mobile money transfer. Its mobile money
transfer service is now available in 18 countries.
Western Union's mobile money transfer service provides
consumers in these countries with the ability to transfer money
to a mobile wallet or bank account. Consumers can also initiate
transactions from their mobile phones and send money from mobile
wallets or bank accounts.
Western Union has also been adding mobile applications to make
the service more convenient for its customers.
Western Union is intent on growing 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. The company's Money Mindset
Index, shows that online payments will increase by 39% in 2013
while mobile payment is expected to increase by 12%.
Western Union is aggressively embracing the use of new age
technology for flawless service to its customers. Mobile payments
are gaining momentum due to convenience and round-the-clock
accessibility. This service is expected to witness a faster
adoption rate than any other electronic channel.
The company has already in operation mobile money transfer
services in many other countries such as Afghanistan, Bangladesh,
El Salvador, Guatemala, Indonesia, Kenya, Madagascar, Malaysia,
Paraguay, the Philippines, Tanzania, Uganda, Vietnam, and the
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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