Western Union Co. is reportedly making moves to acquire competitor MoneyGram. They are said to be in early-stage talks. Both companies contend with stiff competition from upstart money-transfer companies.
Western Union and MoneyGram — the two dominant players in the remittance industry — are facing price competition as companies including WorldRemit, TransferWise and Wal-Mart Stores Inc. give their customers new options for moving cash. MoneyGram reported a loss of $72 million in the first quarter, compared with a profit of $39 million in the year-earlier period.
