Western Union reportedly may be considering adding cryptocurrency-related products and services.
The firm has filed several trademark applications that are related to crypto, U.Today reported Tuesday (Oct. 25).
Its applications to the United States Patent and Trademark Office (USPTO) suggest that Western Union is interested in a virtual currency exchange, digital currency wallets, a cryptocurrency token and financial brokerage services related to crypto, according to the report.
In a statement provided to PYMNTS Friday (Oct. 28), Western Union said it filed for a trademark of a new logo and that this filing triggered logo refreshes across several services identified in older filings — one of which was cryptocurrency service.
“To address the company’s strategy around cryptocurrency; we are constantly looking for opportunities to add more value for customers in the digital space, and that includes looking at cryptocurrency and related products that help meet our customers’ needs,” according to the statement.
The report comes soon after Western Union delivered a financial outlook and strategy through 2025 that puts revenue trends on an upward trajectory starting in 2023.
Read more: Western Union Looks to ‘23 to Reverse Revenue Decline
The company’s Evolve 2025 strategy connects its purpose by bringing high-value, accessible financial services to emerging populations around the globe, the company said in a statement released Thursday (Oct. 20).
“Our new strategy is designed to enhance the products and services we provide to our customers,” Western Union President and CEO Devin McGranahan said in the release. “It will leverage the strong foundation we have built to create a more meaningful relationship with our customers by providing essential financial services outside of money transfer.”
PYMNTS research has found that 23% of the consumers surveyed — representing 8 million adults — who made online payments to friends or family in other countries used at least one kind of cryptocurrency.
Read more: Almost 25% of US Cross-Border Remittance Senders Use Crypto
In fact, 13% of consumers surveyed said cryptocurrencies were their most used payment method for online cross-border remittances, according to “The Digital Currency Shift: The Cross-Border Remittances Report,” a PYMNTS and Stellar Development Foundation collaboration.
This adoption of crypto by consumers has been driven by their desire for a payment option that allows them to send payments swiftly and securely, the research found.
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