Western Union to Buy a Well-Known Money Transfer Service

By Marko Vidrih on The Capital

Western Union offered to buy a no less well-known money transfer service MoneyGram. It is reported by Bloomberg.

According to the publication, the deal has not yet been completed, and both companies are considering a final decision.

Western Union and MoneyGram have been competitors for decades. But recently, both companies have faced competition from young digital companies. In addition, both players suffered from the Covid-19 pandemic, as they are still heavily dependent on physical departments.

In 2017, the Chinese company Ant Financial, a subsidiary of the Alibaba Group, almost bought MoneyGram for $1.2 billion. But the Committee on Foreign Investments in the United States blocked the deal.

Last year, MoneyGram entered into an agreement with Ripple, under which the cryptocurrency company agreed to invest $50 million. Under the partnership, MoneyGram is required to use the digital currency Ripple XRP and xRapid XRP transfer platform to make cheap cross-border payments.

Author: Marko Vidrih

Featured image credit: Unsplash


Western Union to Buy a Well-Known Money Transfer Service was originally published in The Capital on Medium, where people are continuing the conversation by highlighting and responding to this story.

Post fetched from this article