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    Innovation Village | Technology, Product Reviews, Business
    You are at:Home»Business»Western Union to acquire MoneyGram

    Western Union to acquire MoneyGram

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    By Paul Adepoju on May 6, 2015 Business, News, People

    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.

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