Western Union $WU stock is oversold and very undervalued as of March 5, 2023. The stock trades at a P/E of 5.4 and a Forward P/E of 7.8. The stock has a market cap of $4.8 billion and it did $4.48 billion in salesThe income statement provides a summary of a company's revenue and expenses over a specified period of time, typically a year or a quarter. It shows the company's total revenue, th... last year for an excellent P/S ratio of 1.07.
Western Union is a financial services company that enables people and businesses to send and receive money globally. It offers money transfer services, bill payments, and prepaid cards, among other financial services. Customers can send money online, through an agent, or through the Western Union mobile app. Western Union operates in more than 200 countries and territories around the world.
Western Union Expands Initial Test Service from the United States to Cuba
On March 2, 2023, Western Union announced a major expansion of its pilot program providing money transfer services from the U.S. to Cuba.
The initial test phase of the pilot program, launched on January 4, included send service from a select group of U.S. retail locations in the Greater Miami area. Today, it has grown to more than 4,400 retail locations across the United States and Puerto Rico, as well as the availability of digital send service from WesternUnion.com and the Western Union mobile app.
Currently, customers can send money from the U.S. to receivers with bank and debit card accounts at the following banks in Cuba: Banco Popular de Ahorro, Banco Metropolitano S.A. and Banco de Credito y Comercio (Bandec).
To process transactions to Cuba, Western Union signed an agreement with Orbit S.A. who received authorization from the Central Bank of Cuba in February 2022 as a non-banking financial institution to process money transfers to the island.
Western Union and Beforepay Offer ‘Send Now, Pay Later’ Service to Consumers for International Money Transfers
On February 24, 2023, Western Union and Beforepay announced a first-of-its-kind collaboration, allowing consumers to boost their cross-border money transfers by accessing reliable, ethical and affordable short-term lending. Consumers can ‘Send Now, Pay Later’ by borrowing up to AUD 2000 through Beforepay’s wage-advance product on Western Union’s digital channels.
Exclusive insights from Western Union research show that as many as 44% of Australia’s consumers would like to have the choice to send money now, pay later when transferring money around the world. By accessing Beforepay’s wage-advance product through Western Union’s mobile app and website, customers will be able to increase how much they transfer. Registration to access the additional funds can be completed within minutes and once issued, can be repaid in multiple installments. International money transfers through Western Union can be sent to over 200 countries and territories.
“We are committed to supporting our customers and their communities by offering financial services that are accessible, ethical, and reliable,” said Gregory Laurent, Regional Vice President of Australia, New Zealand and the Pacific Islands at Western Union. “Western Union’s mission is to make financial services accessible to people everywhere. Our collaboration with Beforepay is another step towards achieving this mission – giving customers the opportunity to access additional funds as they send money to families and communities. We are excited about the positive impact it can have for consumers, as they proactively look for convenient options to meet their financial needs.”
