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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