Give Credit For Western Union Trying To Adapt The Blockchain by rollandthomas

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· @rollandthomas ·
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Give Credit For Western Union Trying To Adapt The Blockchain
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The Western Union Company provides money movement and payment services worldwide. The company operates a Consumer-to-Consumer segment to facilitates money transfers internationally or domestically In addition, the Business Solutions segment provides payment and foreign exchange solutions, primarily cross-border and cross-currency transactions for small and medium size enterprises, other organizations.

Established in 1851, Western Union has been providing remittance services for over 150 years, allowing customers to send funds across borders and in multiple currencies through a network of more than 550,000 retail locations.

Issues with the current system include transaction fees, exchange rates, tracking of payments and time. Ripple and Stellar are looking to change and disrupt the current system. Ripple and Stellar are both pretty similar projects as they both want to disrupt cross-border payments, but are taking different approaches.  Ripple is working closely with banks and financial institutions, while Stellar is working directly with companies.  Western Union knows this and has been smart of enough to not be an innocent bystander. 

Collaboration between Ripple Labs and Western Union has been known for some time; the company began testing Ripple’s blockchain towards the end of 2017. In 2016, Western Union invested in Digital Currency Group (DCG), a venture capital company, which has also made investments into Ripple.

Western Union chief executive officer, Hikmet Ersek spoke about cryptocurrencies and particularly Ripple at a conference this year. In 2016, Western Union invested in Digital Currency Group (DCG), a venture capital company, which has also made investments into Ripple.  Western Union results after five trials reveal that Western Union is five times cheaper that Ripple.  Nevertheless, they see the shift and are still pretty high on cryptocurrencies and blockchain technology.  Ersek confirmed that Western Union has a special group of investors who invest only in crypto and other blockchain-related projects.

<blockquote>

And now the company is on the cusp of another transformation again, after two consecutive lackluster quarters for the company earlier this year. A major part of Western Union’s revenue growth strategy will be to offer its global money moving services to other companies to use, an SEC filing said.

One of these partnerships has already come to fruition. Last October, Western Union partnered with Amazon (NASDAQ: AMZN) for a new payment option using Western Union’s current cross-country transaction platform known as Amazon PayCode in select countries. And in September, Amazon launched the payment option in the U.S. 

</blockquote>

<center><a href="https://www.bizjournals.com/denver/news/2019/10/02/western-union-strategy-shift.html?ana=yahoo&yptr=yahoo">Source</a></center>

Regarding consumers, Western Union has made available its real-time cross-border platform. This service will accelerate international consumer, consumer-to-business and business-to-consumer payments to eligible accounts, cards and digital wallets. Consumer-to-consumer real time cross-border payments capability is now active when sending to select banks or digital wallet providers in 17 countries. The company will roll out the service to another 100 countries by the end of 2020.

In late Sept, the stock rallied 25% after the company reported strong third-quarter earnings. While the company’s long-term revenue and earnings growth outlook improved at current prices, the risks outweigh the rewards as suggested by the price when it hit the monthly supply at  $28.

![](https://cdn.steemitimages.com/DQmRT4V4VFkcbZ7VphdD9VHZJ8apUZ4B2LA1EFx4fGoV67M/image.png)

The chart suggests price can move down to the major resistance/support level at $23. 

![](https://cdn.steemitimages.com/DQmZkqwNNHB22pQoQvULPm62StA3oqYziLx4PLgxz98CWLp/image.png)

This post is my personal opinion. I’m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.

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@teutonium ·
With crypto I wouldn't invest in a company that provides money movement and payment services worldwide, I find it risky with a technology on the rising that can make their whole business obsolete. I do wonder if they've looked at crypto to increase their profit margins
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@rollandthomas ·
Great point, I'm sure WU will continue to adapt or get extinct.
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