Western Union Eyes Digital Currency Services

Hint: April Fools

Western Union, facing growing competition by startups offering mobile and online payments, is trying to transform its business for the digital generation. The company, once known for telegrams, is now investigating new types of digital transactions and investing in analytics to help the company adjust pricing for its electronic money transfer services.

The company is looking at the use of digital currencies like Bitcoin as well as the role Western Union can play in other online transactions, from Internet telephony to video gaming–a far cry from its current business offerings of money transfer, bill pay and prepaid cards. “If you want to top up a Skype account or add value to an online gaming platform, those are the kinds of partnerships I’m working to develop,” said David Thompson, executive vice president of global operations and CIO at Western Union. Read More

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