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.
PYMNTS has reached out to Western Union for comment.
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.
New PYMNTS Study: How Consumers Use Digital Banks
A PYMNTS survey of 2,124 US consumers shows that while two-thirds of consumers have used FinTechs for some aspect of banking services, just 9.3% call them their primary bank.
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