Euronet Outbids Ant Financial for MoneyGram
Payments processor Euronet is dangling more money and the potential for faster, simpler regulatory approval in front of MoneyGram investors, significantly outbidding China’s Ant Financial Services Group for the No. 2 U.S.-based money transfer company.
Ant Financial Makes Giant Leap into Remittance Biz with MoneyGram Buy
Ant Financial Services Group, the online and mobile financial services affiliate of Chinese e-commerce giant Alibaba Group, has just become a competitive juggernaut in the remittance business with the acquisition of MoneyGram, the second-largest provider of money transfer services based in the U.S. The transaction of approximately $880 million for all of MoneyGram’s common and preferred shares announced Jan. 26, not only helps MoneyGram compete with Western Union, it helps the combined company compete with startups that have been trying to shake up the market for years.
Ant Financial buys MoneyGram for $880 million
Alibaba’s affiliate Ant Financial is splashing out $880 million for money transfer operator MoneyGram International. This is Ant Financial’s first acquisition of a US-listed company.
Earthport and Ria Money Transfer join forces for remittances
Earthport, a UK-based cross-border payment network, and Ria Money Transfer, the world’s third largest money transfer company, have teamed up. Earthport will provide Ria with access to a global payment network. “Through a single, managed relationship with Earthport, Ria will gain access to over 60 domestic clearing schemes,” Earthport states. The solution “enables complete transparency”, […]
Skrill goes global with mobile
Mobile payments company Skrill has launched a mobile app that it says can send money to anyone, anywhere in the world at any time. The app has several uses, including cross-border remittance payments to various countries in eastern Europe and around the world.
Making cross-border payments work
As the value of global cross-border payments such as workers’ remittances increases, billions of dollars are being lost to inefficient legacy systems – but that could be about to change, according to Hank Uberoi, executive director at Earthport.
Remittances: a window to the future?
The $400 billion global remittances market is moving from cash to account-based transfer, but costs, regulations and new competitors are still the key issues.
Leading with remittances – a new retail banking segment
The remit of the World Bank and the Gates Foundation is to focus on flows of money to developing economies, so much of the publicity is about those and as a result, much of what we understand about remittances is about those markets. And they are not to be underestimated.