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Western Union makes takeover offer for MoneyGram, Bloomberg claims

Thursday 4 June 2020 07:55 CET | News

Bloomberg.com has reported that Western Union has made a bid to buy Moneygram International, which would result in combining the two US-based remittance companies.

 

The report, citing a single unnamed source, stated Western Union has made a formal takeover offer amid a climate where traditional money transfer services are struggling to compete against startup fintechs that can provide low cost, cross border funds transfer without the need to go to a retail pickup location. 

According to Mobilepaymentstoday.com, MoneyGram has struggled during the COVID-19 pandemic, as stay-at-home orders forced it to close many locations around the world. Western Union reported it has started to recover from the impact of the COVID-19 lockdown, while digital remittances have risen sharply.


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Keywords: Western Union, Moneygram, remittances, remittance, online payments, online transactions, mergers and acquisitions, acquisition, United States, US, North America
Categories: Payments & Commerce | Online Payments
Countries: United States
This article is part of category

Payments & Commerce