Authentication & Security

The Game Is Not Over Until Payments Moguls Have a Say

The payments industry is believed to be highly disrupted and is probably going to be dominated by tech-focused companies rather than large established institutions soon. Indeed, an impressive array of FinTech startups has already gained a loyal audience and significant transaction volume.

However, startups are far from pushing the true moguls of the payments industry out of the business as there is a range of established players having vast networks around the world and enough financial and manpower to hold the market in their hands. Let’s look at some of them:

Intermex is one of the leading companies providing money remittance services. With a state-of-the-art system and a network of more than 30,000 payer locations, the company offers services in 45 states and in 16 Latin American countries. Computer and telephone-based options are available for convenient wire transfers. In 2006, New York-based investment firm Lindsay, Goldberg & Bessemer acquired a majority stake in Intermex providing the company with capital to expand and pursue market opportunities. Two years later, Intermex acquired two money transfer companies, significantly expanding its network.

UniTeller Banorte by Banorte Financial Group is an international money transfer processing company in the United States that allows making money transfers to Mexico, Latin America and Asia. The company carries a network of more than 30,000 paying locations, allowing users to send money to friends and family in a fast, secure and convenient way. UniTeller was acquired by Grupo Financiero Banorte in 2006. Grupo Financiero Banorte, one of the largest Financial Groups in Latin America and the third largest in Mexico, acquired UniTeller aiming to strengthen and integrate its money remittance capacity with major networks in Latin America.

MoneyGram is an established global money transfer and payments service company. The company provides access to financial services for consumers and businesses, helping people send money anywhere in the world quickly, reliably and affordably through 10-minute transfers. MoneyGram has established a network across 200 countries and territories and in approximately 350,000 locations and is trusted by tens of millions of consumers around the world.

Another well-known mogul in the payments industry is Western Union. The company is truly a leader in global payment services. From small businesses and global corporations, to families near and far away, to NGOs in the most remote communities on Earth, Western Union helps people and businesses move money and grow economies. In 2015, Western Union moved over $150 billion dollars for its consumer and business clients. The company is constantly evolving and developing new ways to send money through digital, mobile and retail channels with an array of convenient payout options to meet business and consumer needs. Ria Financial is another payments company with a mighty parent – Euronet. Euronet Worldwide facilitates the movement of payments around the world, serving its customers from three core business segments: Electronic Financial Transactions (EFT – including Payments Software), Prepaid (ePay) and Money Transfer (Ria). In 2012, the company processed ~$79 billion in ATM, prepaid and money transfer payments for more than 250 financial institutions, 200 mobile operators, 100 non-mobile content providers, approximately 516,000 retailer and agent locations, and millions of individual consumers in 58 countries.

The Arabian world is under the wing of UAE Exchange, a 35-year-plus young financial institution that has grown into one of the leading global remittances, foreign exchange and payment solutions brands in the world. Headquartered in Abu Dhabi, the brand has spread its footprint across 31 countries in 5 continents with close to 800 branches. The brand has a dominant presence in the UAE, with close to 150 branches spread across the seven Emirates and 16 branches in the Dubai metro stations. As claimed by the company, over 9000 professionals, representing more than 40 nationalities serve more than 13.2 million customers worldwide. Strong correspondent banking relationships with over 140 global banks and smart technology add to its might, making it one of the widest globally networked remittance company.

Transfast is one of the leading omnichannel providers of multi-currency, cross-border payments solutions to consumers around the world. The company operates a network across over 120 countries in the Americas, Asia, Europe and Africa with multi-product capability, including a leading, one-of-a-kind instant bank transfer offering. Xpress Money, a payments company with a 17-year-old history and a network of 180,000 locations across the globe is a significant force in the payments industry. Present across 180,000 agent locations in 160 countries currently, Xpress Money is focused on rapid expansion to the far corners of the globe. In 2015, Xpress Money launched a pioneering program – the Xpress Money Rewards Program – that provides customers a guaranteed cashback each time they transact with Xpress Money. The company also offers XOPO, a revolutionary money transfer app that enables international money transfer through social channels like Facebook, Twitter, WhatsApp and WeChat.

Kate

Kate is a staff writer at LetsTalkPayments.com., , She likes to write about mobile payments and mobile commerce.

If you have any suggestions or questions for the author, please email us at follow@letstalkpayments.com

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