One of the world’s largest players in the field of money transfers, Western Union Co. is preparing to acquire the system of financial transactions MoneyGram International Inc., according to a source Bloomberg.
According to him, a corresponding proposal has already been received, but no final decision has been made, a person familiar with the situation notes. Representatives of both companies do not comment.
Currently, money transfer services are not going through the best of times, as the population has switched to online payments. This is especially true during the coronavirus pandemic, which is observed in almost all countries of the world. In addition, fintech companies significantly reduce fees for transfers, thereby helping to attract users to their business. Although MoneyGram has stepped up digital transactions, according to statistics, they accounted for only 18% of all money transfers in the first quarter.
We add that one of the shareholders of MoneyGram shares is Ripple (9.95% stake).
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