Digital business continues to rise for MoneyGram
MoneyGram International, Inc., a global leader in cross-border P2P payments and money transfers, said it is excited to have delivered 137% year-over-year cross-border transaction growth for January in its direct-to-consumer digital business, MoneyGram Online (MGO), making it the thirteenth consecutive month of triple-digit year-over-year cross-border transaction growth in the channel.
The Company’s consumer-centric app helped drive MGO growth as app transactions increased 161% year-over-year in January. Additionally, the Company announced another important milestone on its digital transformation journey as digital transactions accounted for a record 30% of all money transfer transactions in January.
“We’re pleased to report a strong start to the year, which demonstrates sustained momentum in consumer demand for our leading app and continued market share gains,” said Alex Holmes, MoneyGram Chairman and Chief Executive Officer.
“This has also brought our digital business to 30% of all money transfer transactions, resulting in a size and scale that has redefined MoneyGram’s business.”
The company recorded this financial success on the heels of the strong fourth-quarter and full-year 2020 financial outcome, as it also recorded a number of digital customers in the fourth quarter of last year and 152% year-over-year cross-border transaction growth in MGO for the full-year. These results continue to be led by record digital growth and successful expense control measures.
“As MoneyGram leads the evolution of digital cross-border P2P payments and money transfers, we continue to execute our strategy to deliver the industry’s best customer experience,” said Kamila Chytil, MoneyGram Chief Operating Officer.
“Our January results are yet another example of how our customer-centric app is delivering industry-leading returns on investment and driving strong customer lifetime value.”
MoneyGram is a global leader in cross-border P2P payments and money transfers. Its consumer-centric capabilities enable family and friends to quickly and affordably send money in more than 200 countries and territories, with 90 now digitally enabled.
MoneyGram leverages its modern, mobile, and API-driven platform and collaborates with the world’s leading brands to serve millions of people each year through both its walk-in business and its direct-to-consumer digital business.
With a strong culture of innovation and a relentless focus on utilizing technology to deliver the world’s best customer experience, MoneyGram is leading the evolution of digital P2P payments.
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