WU Adds Apps to Mobile Service - Analyst Blog
13 March 2013 - 6:00AM
Zacks
In sync with its long term strategy to expand its mobile money
transfer service, Western Union Co. (WU) has
announced offer of two mobile applications to its customers. One of
the applications will assist billers in financial services,
mortgage, insurance, cable, telecommunications and other
industries. Another application is meant for billers in the utility
industry.
The customers can use these applications, while making
transaction via its Speedpay service.
Speedpay Mobile Payment App will enable billers who provide
bill details online and also accept payments online in order to
provide to its customers another way of making payments via their
mobiles.
Customers can thereby download the application from any of the
online locations. They can also get it from the apps store where
billers applications are available.
Western Union has made payments easier by allowing its
customers the liberty to choose from a number of phones such as
Android, iPhone and iPad. The application also provides options to
show any earlier payments made by customers.
The second application which is specifically for customers
making payment to utility companies has additional features.
Customers can use their mobiles to view and pay bills, monitor
usage, and track and report outages. This application will be
offered in tandem with mobile applications offered by iFactor, a
company specializing in communications for the utilities industry.
Western Union intends to grow its business mobile payment
channels with SMS and mobile web, as well as walk-in, phone and
online payment services, since it foresees tremendous growth in
this line of money transfer services. The company’s Money Mindset
Index, has indicated that online payments will increase by 39% in
2013 while mobile is expected to increase by 12%.
Western Union is aggressively embracing the use of new age
technology for providing flawless service to its customers. Mobile
payments are gaining momentum due to convenience and
round-the-clock accessibility. This service is expected to witness
faster adoption rate than any other electronic channel.
The company is already operating its mobile money transfer
service in many of the regions of the world such as Afghanistan,
Bangladesh, El Salvador, Guatemala, Indonesia, Kenya, Madagascar,
Malaysia, Paraguay, the Philippines, Tanzania, Uganda, Vietnam and
the U.S.
Western Union currently retains a Zacks Rank #3 (Hold).
Other players providing mobile money transfer facility are
Visa Inc. (V), Fiserv, Inc.
(FISV) and Moneygram International Inc. (MGI)
among others.
FISERV INC (FISV): Free Stock Analysis Report
MONEYGRAM INTL (MGI): Free Stock Analysis Report
VISA INC-A (V): Free Stock Analysis Report
WESTERN UNION (WU): Free Stock Analysis Report
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