Safaricom's M-Pesa money transfer service directly competes with WU in the UK and Kenya. As of July, M-Pesa has 7.3 million subscribers in Kenya after launching in 2007. M-Pesa plans to expand into the U.S., Uganda, and the UAE as soon as regulatory issues are met.
Although WU has a significant market share in these regions, Africa and the Middle East have a huge growth potential for each company. A new entrant like M-Pesa could pose a significant threat for WU.