According to press reports, Western Union is in an acquisition bid to takeover MoneyGram, but the deal is yet to be finalized.
If the offer is successful, it will join two of the largest remittance firms in the world.
Western Union brought in US$4.4 billion in revenue from its consumer-to-consumer segment in 2019, while MoneyGram recorded over US$1.1 billion in money transfer revenue.
MoneyGram has suffered serious setbacks since the COVID 19 pandemic, with its physical locations having to close around the world as governments impose stay-at-home orders.
Digital services received a boost, but MoneyGram reported that those made up just 18 percent of its earnings in the first quarter.
Western Union remains the dominant name in its industry. With more than 550,000 retail locations in more than 200 countries around the world, the 169-year-old firm generated $5.3 billion in revenue last year and carried a market capitalization exceeding $10 billion.
Barbara Green, Readers Bureau, Fellow
Edited by Jesus Chan
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