Western Union Expands Digital Money Services to Australia

In an endeavor to expand its digital platform to national postal networks across the globe, The Western Union Company (WU) has joined forces with Australia Post. With this agreement, Australia Post has become the fifth national postal service to use Western Union for international digital money transfers after France, Italy, Russia, and the U.K.

WU is an American worldwide financial services and communications company and has a 17-year association with Australia Post that started with the launch of retail services in 2004.

Western Union Global Network President Jean Claude Farah said, “With expansion of our relationship with Australia Post, we are continuing our recent momentum powering retail players to succeed in the digital space and unlock new growth opportunities so that together we can serve as an economic force for our global customers.” (See Western Union stock analysis on TipRanks)

Farah added, “Western Union has a distinct vantage point on the diverse money movement needs of our global customers across different continents and economic, financial, and technological ecosystems. Our global platform transcends these complexities, making it possible to send funds easily and quickly across borders and currencies with a few clicks.”

Last month, Northland Securities analyst Michael Grondahl reiterated a Buy rating on the stock with a price target of $32 (29.2% upside potential).

Commenting on the company’s Q1 results, Grondahl said, “For the rest of 2021, WU is focusing on adding additional third-party relationships and multiple partners in its markets, agent optimization, upgrading and modernizing technology.”

Based on 3 Buys, 4 Holds, and 2 Sells, consensus among analysts is a Hold. The WU average analyst price target of $26.78 implies 8.1% upside potential.

Shares of the company have gained 10.1% over the past year.

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