What Happened: The $200 million stake is in a digital payment unit of Saudi Arabia’s STC Group, a telecom.
Why It Matters: Western Union is one of many companies vying for a lead in digital payments outside China, where Ant Financial's Alipay app and Tencent Holding's (OTC:TCEHY) WeChat app are already well-entrenched.
This week, Alphabet Inc (NASDAQ:GOOG) relaunched an expanded version of its Google Pay app in a bid to grab more of the market. Google and Western Union are up against competitors such as PayPal Holdings Inc (NASDAQ:PYPL), Square Inc (NYSE:SQ) and Zelle.
Photo by Usien via Wikimedia.