World's leading money transfer company, Western Union Co.WU entered into an agreement with bpost to expand their 10-year long relationship. bpost is the leading postal operator in Belgium, which markets a wide range of products and services in the mail and related markets.
The agreement expansion will facilitate the development of innovative services, which will provide better money transfer facilities as well as ensure convenience, reliability and speed for consumers.
The agreement will also cover franchise points for bpost called Post Points, in order to strengthen Western Union's retail network and expand its foot print across the country.
Western Union intends to continue its agreement with bpost since it serves more than 4.7 million households in Belgium. On the other hand, bpost offers services to its customers via more than 660 post offices and over 100 Post Points.
Being home to a diverse group of global workers and expatriates from Africa, Turkey and Eastern Europe, Belgium offers a lucrative market for Western Union.
Western Union also has tie-ups with post offices in other countries of Australia, India and Africa. The company primarily targets post offices as they provide a ready customer base, which enables easy penetration in the markets.
Peer Moneygram International Inc. MGI also has tie-ups with post office in countries like India, Ukraine, Italy, Poland and Canada among others.
Western Union carries a Zacks Rank #3 (Hold).
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