Yahoo Finance Western Union (WU) to Boost Digital Money Transfers in Jamaica
The Western Union Company WU teamed up with GraceKennedy (“GK”) and Lynk in a bid to provide enhanced remittance services across Jamaica and expand its digital footprint on the island.
The partnership entails the integration of Western Union’s money transfer services into the mobile wallet apps of GK, GKOne, and Lynk. With access to such beneficial services, Jamaicans will gain from increased choices to digitally receive money anytime from any corner of the world. The hassle-free nature and speed of such services minimize the need to even step out of one’s home to collect the money sent through physical modes, such as traditional banking or cash pick-ups.
Western Union is prudent in its choice to pick GK and Lynk as its partners since the companies share an aim of boosting access to digital financial services for consumers and making way for an improved remittance experience across Jamaica and the broader Caribbean region.
Such initiatives are in line with Western Union’s global digital expansion strategy and under its lucrative services suite, fetch a higher number of customers to the company. Integration of its services into two of the largest mobile wallets in Jamaica is expected to result in the greater utilization of WU’s money transfer services. This, in turn, might boost the digital money transfer revenues of Western Union in the days ahead.
Apart from offering varied money transfer choices to Jamaicans, Western Union’s keen eye to strengthen its presence in the country can also be reflected through the latest move. WU has an extensive presence in Jamaica in the form of 200-plus retail locations and provides the facility of direct-to-bank account service nationwide for receiving funds.
Several tie-ups with financial service providers and substantial investments pursued over the years have imparted strength to WU to build a powerful digital platform. The strength of the platform makes it the preferred partner for conducting money transfers across every corner of the globe and infusing digitization in underserved areas.
In May 2024, Western Union collaborated with Adonis supermarkets to enhance cross-border money transfer services in Canada by making WU’s services available to consumers in Adonis Seville and Adonis Griffintown locations of Montreal.
Shares of Western Union have gained 9.5% year to date compared with the industry’s 5.3% growth. WU currently sports a Zacks Rank #1 (Strong Buy).
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Other Stocks to Consider
Some other top-ranked stocks in the Business Services space are Duolingo, Inc. DUOL, SPX Technologies, Inc. SPXC and AppLovin Corporation APP, each currently sporting a Zacks Rank of 1. You can see the complete list of today’s Zacks #1 Rank stocks here.
The bottom line of Duolingo outpaced estimates in each of the last four quarters, the average surprise being 115.22%. The Zacks Consensus Estimate for DUOL’s 2024 earnings is pegged at $1.74 per share, which indicates a nearly five-fold increase from the year-ago reported figure. The consensus mark for revenues suggests growth of 37.8% from the year-ago reported number. The consensus mark for DUOL’s 2024 earnings has moved 26.1% north in the past 30 days.
SPX Technologies’ earnings outpaced estimates in three of the trailing four quarters and matched the mark once, the average surprise being 13.92%. The Zacks Consensus Estimate for SPXC’s 2024 earnings suggests an improvement of 24.4% from the year-ago reported figure. The same for revenues also suggests growth of 14.7% from the prior-year reading. The consensus mark for SPXC’s 2024 earnings has moved 6.1% north in the past 30 days.
The bottom line of AppLovin outpaced estimates in each of the last four quarters, the average surprise being 60.91%. The Zacks Consensus Estimate for APP’s 2024 earnings is pegged at $2.96 per share, which indicates a more than three-fold increase from the year-ago reported figure. The consensus mark for revenues suggests growth of 31.7% from the year-ago actual. The consensus mark for APP’s 2024 earnings has moved 19.8% north in the past 30 days.
Shares of SPX Technologies and AppLovin have gained 42.1% and 112%, respectively, year to date. However, the Duolingo stock has declined 19.7% in the same time frame.
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The Western Union Company (WU) : Free Stock Analysis Report
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