Western Union has made an offer to buy its main rival MoneyGram.
In Brief:
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The deal, reported by Bloomberg, is unconfirmed and Western Union could still pull out.
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Ant Financial almost bought MoneyGram back in 2017.
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Both companies allow for money transfers overseas.
What does this mean?
Not only have both companies been rivals for some time, but they are now facing rivalry from digital challengers that make sending money abroad easier. Unlike many app based products they still rely on physical networks which are being used less due to Covid-19.
