WU

Western Union (WU) extends real-time digital payment capabilities to billions of bank accounts across 100 countries, which is in line with the company's previously established goal.

Western Union (WU) to purchase a minority interest in stc pay to extend its digital payment platform.

Western Union Co suspended its operations across Cuba on Monday evening as new U.S. sanctions kicked in, cutting a key lifeline for many struggling Cuban families as the coronavirus pandemic deepens the Communist-run island's economic crisis. U.S. President-elect Joe Biden has promised to roll back some sanctions on remittances. Remittances to Cuba are believed to be around $2 billion to $3 billion annually, representing its third biggest source of dollars after the services industry and tourism.

(Bloomberg) -- Saudi Arabian digital payments firm stc pay, which was valued at $1.3 billion in a funding agreement with Western Union this month, is set to become profitable “very soon” and is in talks with regulators to expand into neighboring countries.The company, launched by the kingdom’s biggest mobile operator Saudi Telecom Co. in late 2018, wants to offer digital payments across the six-nation Gulf Cooperation Council, Chief Executive Officer Ahmed Alenazi said in an interview.Digital payments in the Middle East have grown rapidly as the pandemic forced more consumers to shop online. Moving Saudi Arabia toward non-cash transactions is also part of Crown Prince Mohammed bin Salman’s plan to diversify the kingdom’s economy away from oil.Stc pay has already processed 24 billion riyals ($6.4 billion) of remittances since launch and attracted 4.5 million customers, Alenazi said.The company is also in talks for a digital banking license in Saudi Arabia that will enable it to offer more financial services beyond payments and remittances.“We are already handling millions of transactions every month, and we know the path to the break-even point and it’s not that far,” Alenazi said. “Very soon we will become profitable.”Western Union invested $200 million for a 15% stake in stc pay, in the latest sign that Saudi Telecom is pushing into new business areas. It launched a $500 million venture capital fund in 2017 and is planning to sell shares in its internet services unit, Solutions by STC, people familiar told Bloomberg in September.(Updates with diversification plan in third paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

Meeting its 2019 Investor Day goal of reaching 100-country milestone in 2020, Western Union (WU) +2.5% PM, expanded real-time digital payout capabilities into 100 countries reaching out to numerous bank accounts.Currently, the

U.S. stock futures rose Monday, supported by AstraZeneca vaccine data and FDA emergency approval for Regeneron's antibody treatment.

Western Union Bolsters its Global Digital Cross-Border Payments Leadership: Expands Real-time Payout into Billions of Bank Accounts to 100 Countries