International Money Transfer Service Scheme to buy a competitor
Western Union offered to buy MoneyGram, a less well-known money transfer service. it is reported BloombergIts source is mentioned. According to the publication, the deal is yet to be completed, and the two companies are considering a final decision.
Western Union and MoneyGram have been competitive for decades. But recently, both companies have faced competition from young digital companies. In addition, both players suffered from the Kovid-19 epidemic, as they still rely too much on physical divisions.
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In 2017, the Chinese company Ant Financial, a subsidiary of Alibaba Group, bought MoneyGram for about $ 1.2 billion. But the United States Foreign Investment Committee 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 Ripple XRP digital currency and Xrapped XRP platform to make low-cost cross-border payments.
Read: Money at home: Western Union launches a new service