Is Ripple-Backed MoneyGram Set To Oust Western Union?
Western Union has been the undisputed leader of international remittances and this could make us think that the company will remain a successful monopoly in this space forever. But, with the arrival of disruptive innovation like P2P, Blockchain, and cryptocurrencies, it is in danger of losing its market capitalization. Western Union started its international money transfer business in the 80s and covered major destinations like China by mid-90s. In the first ten years of its operations, Western Union successfully disrupted the industry and faced no immediate threat from competitors. Most competitors filed for bankruptcy and closed shop. Western Union’s stock…