Western Union's new online money transfer service will tap into its customers' existing networks by integrating itself with the world's biggest social media platforms.
Western Union was once the best-known and most dominant telegram company in the United States -- a service it only discontinued in 2006. Today, Western Union specializes in money transfer between corporations and individuals. Lately, however, smaller start-up businesses with easy-to-use online money transfer apps have been eating into Western Union's market. In order to keep up, the 164-year-old company has announced the creation of a new online money transfer service called WU Connect. WU Connect "integrates with social media and messaging services to transfer money worldwide," making it an advanced, easy-to-use online money transfer platform.
While older consumers still tend to prefer more conventional methods of payment and money transfer, millennials are willing to sacrifice a sense of traditional security for the convenience of being able to handle their finances as efficiently and conveniently as possible.