The Western Union CompanyWU recently collaborated with HKT Payment Limited HKT on allowing Hong Kong-based Tap & Go customers to use Tap & Go mobile wallet for sending funds across the globe. The transaction is possible through the Western Union mobile app as well as Westernunion.com.
Currently, customers in Hong Kong use credit cards issued in the region for such transactions. With this latest deal, customers would now have easy access to other options, which are both convenient and feasible to use. The same will allow them to transfer cash at more than 525,000 Western Union Agent locations across 200 countries and territories around the world. Western Union went active in Hong Kong along with 39 other countries in May 2017. Its new partnership would further boost its service offerings in Hong Kong.
Western Union is consistently providing suitable payment solution to customers. The company is striving hard to enable customers to send money via retail locations.
In October 2018, the company announced its launch of high-value digital transfers, which will provide customers with access to account-to-account money transfer facility from the U.K. to worldwide. To fuel growth for its digital international money transfer platform, the company has collaborated with Post Bank, one of Russia's largest financial entities. Moreover, the company has expanded its presence in Mexico and other places as part of its strategic plan. It boasts many digital opportunities going forward.
The company has burgeoned in scale with 200,000 locations across China, India and the rest of Asia-Pacific. Revenues from the company's digital platform registered a consistent rise over the last several quarters. Western Union has constantly invested in digital platform to expand its capabilities.
Other companies from the same space such as MoneyGram International, Inc. MGI , Visa Inc. V and Mastercard Incorporated MA has also made investments this year in boosting the respective global digital reach. Ramping up the digital payments segment is extremely important for the companies in the money remittance industry so as to expand service portfolios as well as increase revenues through global expansion. This is the right time for such investments as more and more people are relying on digital transfers for day-to-day activities. Western Union's digital business continued with its impressive run witnessing 21% revenue growth in the first nine months of 2018.
A significant progress in the company's global digital initiatives should continue to drive high revenues from this platform.
In the past year, shares of this Zacks Rank #2 (Buy) stock have lost 3.7% against its industry 's growth of 19.2%. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here .
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