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INSPIRATION Western Union wanted to create a holiday advertisement that would send a message to its core customer, a diverse group of immigrants who support their families back home and send money abroad.
TAKE ACTION Western Union created an emotionally charged “surprise and joy” advertisement to show how the company got consumers closer to their families for the holidays. Customers were surprised when Western Union secretly contacted their families and delivered their favorite home cooked meal in a pop-up dining room. Created a social and digital media forum to engage current customers even more, capturing and sharing their experiences with the rest of the world.
• Hosted a customer appreciation event at Western Union’s iconic Times Square retail venue, where we spoke with customers, handed out branded goods, and encouraged them to share their food, families, and culture stories on camera.
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. The planned takeover boosted the prices of both stocks. Neither party has issued a formal denial to date. The deal’s economics seem to be rather favorable, but does it clear antitrust obstacles or is it just too complicated? This isn’t a novel concept; Western Union and MoneyGram collaborated 30 years ago when they were both owned by First Data.
The deal makes sense for all parties in terms of shareholder value and economics. Both companies are struggling to expand their top lines, and although their digital businesses have grown, their cash to cash divisions, which are at the heart of both, have been declining in a slow but steady manner.
The transaction seems to have a number of synergies. On the revenue side, Western Union and MoneyGram are the two most important players in many corridors, especially in the cash-to-cash industry and usually into markets like Africa and parts of Asia, where both have a stranglehold on receiving agent relationships.
Western Union was more costly than MoneyGram in 85 percent of the big outbound corridors from the US in the first quarter of 2020, and in over 90 percent from the UK, according to our own pricing data at FXC Intelligence. If Western Union had control of MoneyGram, there would be clear opportunities to increase prices.
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Western Union, the payments behemoth, has made an offer to buy MoneyGram, a cross-border payments firm backed by Ripple, a US-based blockchain startup. Bloomberg was the first to report the news.
According to a recent Bloomberg post, the financial behemoth recently made a takeover bid for MoneyGram. It should be noted that if the offer is successful, it would bring together two of the most important money-transfer companies in the United States.
Several enterprises, including MoneyGram, have been severely impacted by the coronavirus pandemic and subsequent lockdown in the United States. The number of digital transactions has risen as more people remain at home. According to Bloomberg, digital transactions accounted for just about 8% of the company’s money transfers in the first quarter.
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Western Union, on the other hand, is better prepared to deal with such factors because it already transfers capital around currencies and devotes significant resources to all three issues. “Cryptocurrency can become another choice for exchanging assets between people and countries,” Almeida says.
What is Western Union’s take on the situation? To enter the cryptocurrency market, we will have to work with regulators or become a part of the cryptocurrency regulatory framework. I believe that we would not operate in cryptocurrencies until it was controlled, and that there would be a need for cross-border regulation or a cross-border enforcement framework.
Bitcoin Exchange and Western Union Western Union is now a household name and a well-known money-transfer business. With over 2,000 branches worldwide, Western Union has become one of the most popular ways for individuals to move money.
The Bitcoin transfer now enters the frame. Western Union isn’t giving up on cryptocurrency’s promise and is continuing to research the digital asset XRP. According to a Credit Suisse research study, the money transfer giant is looking into whether the technology can help speed up and reduce the cost of international payments.