DALLAS, May 12, 2020 /PRNewswire/ -- MoneyGram
International, Inc. (NASDAQ: MGI), a global leader in
cross-border P2P payments and money transfers, today reported
81% year-over-year transaction growth for its digital business in
April – an acceleration from the first quarter of 2020 where the
company reported 57% transaction growth. These strong trends have
also continued into May.
"We've been on a mission to mobilize the movement of money and
accelerate the evolution of digital P2P payments," said Alex Holmes
MoneyGram Chairman and CEO. "Over the last few years, we've
invested heavily in our digital transformation by building the best
digital customer experience in the industry and then rapidly
launching those capabilities to new markets. We're proud that these
investments have enabled customers to continue sending money for
life's daily needs as global shelter-in-place policies have
disrupted everyday life as we all work to prevent the spread of
At the end of April, digital transactions accounted for 28% of
all money transfers, and overall digital growth has been driven by
the following components:
- MoneyGram Online, the largest component of the digital
business, delivered 93% transaction growth in April. In some
countries growth rates exceeded 1,000%, with many key markets
delivering growth over 200%.
- Digital partnerships, driven by key partners in
Asia Pacific and Middle East, accelerated from 25% growth in
the first quarter to over 67% transaction growth in April.
- Account deposit & mobile wallet services are
especially important given the current global crisis, allowing
customers to receive funds from the comfort and safety of their
homes. The company has achieved a strong return on these
investments as transactions to accounts and wallets increased 119%
in April. Through the first 9 days in May, this growth exceeded
150% compared to the prior year.
"We've built a valuable digital business that has quickly grown
from a fintech start-up to a sizable and profitable piece of the
overall business. Compared to our walk-in business, our digital
customers have higher retention rates, transact at a higher
frequency, and are more likely to refer friends," said Kamila Chytil, Chief Operating Officer and
leader of the company's digital business. "Consumers are loving the
'new' MoneyGram and we're excited our digital investments are
attracting a surge of new customers to our leading brand."
About MoneyGram International, Inc.
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 more than 70 countries now
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
For more information, please visit moneygram.com and
View original content to download