Can You Hear Me Now? Then Send Money

Western Union continues to add up its virtual opportunities. Just weeks after announcing an online banking speed-pay rollout with Yodlee, the venerable remittance giant is putting its money-transfer capabilities into the mobile phone environment by teaming with an international trade group of mobile operators so that customers can use their cell phones and/or mobile devices to make person-to-person funds transfers. According to Western Union, the pact with the GMSA will include more than 35 global operators (with 800 million customers) which will be connecting directly with Western Union's network. Both sides are cooperating on a technical and commercial framework. Western Union “has already proven there are big bucks in emerging channels, such as the Internet-a $100 million business for Western Union,” says Aite Group research director Gwenn Bezard. “Even if mobile remittance remains a niche offer for a long time, Western Union has enough scale in its business and enough brand recognition to make it pay off rapidly.”