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In the modern world, digital technologies are everywhere; this fact truly makes our society digital. The digitalization in all sectors leads among others to the growing popularity of registering an e-business. Recently, the COVID-19 pandemic entered our lives unexpectedly and triggered an immense transition of consumers to the usage of online operations, even despite their earlier habit to use offline forms. Nowadays, it is becoming a rule that the leading jurisdictions of the world have all the necessary conditions that would allow registration of an international e-commerce company providing access for interaction with consumers and business-partners online.
The oldest and largest players of the money transfers’ sector, Western Union and MoneyGram, were forced to undergo digitalization, too. Since the appearance of P2P remittance and international payments enabled with the help of Fintech, both money transfer companies were feeling the urge of an upgrade. Western Union has been talking about a possible acquisition of a competing company. Thus, it looks like the world will be witnessing a merge of two important international money transfer companies.
In case you would like to register an international P2P platform as well, specialists at COREDO will be happy to assist and provide you with a top-quality consultation.
Since investors became aware of the potential deal after the reveal of the confidential information about Western Union’s plans to acquire MoneyGram, both companies have registered a significant rise of shares. Negotiating an acquisition of such a big money transfer company as MoneyGram eliminates competition and, therefore, is viewed as advantageous. Moreover, during the time of the global pandemic, the market position of both companies will be reinforced by this merger.
The representatives of Western Union state that the company needs to have a better competitive strength against large fintech companies. In order to do so, Western Union will consolidate the volume of MoneyGram on its platform.
Knowing that M&A deals of international companies are among the best ways to attract new clients and reinforce the position on the market, Western Union worked together with Amazon on long-term cloud services last year. Through providing a possibility to online transformation, both companies expand their digital presence.
Another partnership of Western Union, this time with Visa, was aimed at advancing payment processing for mobile transactions.
Contact COREDO to get prepared for certification for Visa and receive needed advice.
MoneyGram got access to Ripple, which is a company that processes payments with banks and Fintech across borders. This was helpful in terms of eliminating the need to involve correspondent banks and other third parties, which helped reduce costs and save time.
Overall, these steps are indispensable on the journey to automation that can help businesses be more preset in digital means and become less dependent on the locations of agents.
Unluckily, partnership with Ripple in the sphere of the foreign exchange, MoneyGram announced that the first quarter of 2020 was not “busy” for them. The market capitalization of MoneyGram is about $ 155 million, while Western Union’s value is estimated to be somewhat around $ 8.2 billion. Let’s be hopeful that both leading money transfer companies will benefit from the planned acquisition.
Are you planning to establish an international company for payment services? Experts in COREDO are prepared to consult you on the regulation for international money transfer in the jurisdiction of your choice