DALLAS, June 9, 2020 /PRNewswire/ -- MoneyGram
International, Inc. (NASDAQ: MGI), a global leader in
cross-border P2P payments and money transfers, today reported
100% year-over-year digital transaction growth in May – a
significant acceleration from the first quarter of 2020 where the
company reported 57% growth.
"I'm excited to report that our strong digital growth continued
to accelerate in May, highlighting yet again the incredible
progress we've made as an organization to focus on our strategy to
lead the industry in digitizing the movement of money," said Alex
Holmes MoneyGram Chairman and CEO. "Our digital business growth in
May is particularly notable as we not only increased our active
digital customer base, but also continued to see these new digital
customers return and transact more frequently due to our seamless
customer experience and global platform."
Overall digital growth in May was driven by the following
components:
- MoneyGram Online, the company's direct to consumer
channel, delivered 107% year-over-year transaction growth in May,
with over 80% of transactions completed on a mobile device.
- Digital partnerships, driven by key partners in
Asia Pacific and Middle East, accelerated from 67%
year-over-year transaction growth in April to 92% growth in
May.
- Account deposit & mobile wallet transactions
increased 156% in May which is an acceleration from the first
quarter where the company reported 80% year-over-year transaction
growth. Growth has been driven by markets such as the Philippines where sends to mobile wallets
have increased over 200% compared to the prior year.
"Our digital transformation is demonstrating a phenomenal return
on investment," said Kamila Chytil,
Chief Operating Officer and leader of the company's digital
business. "We've built a modern, mobile, API-driven company that is
resonating with millions of consumers across the globe."
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
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.
For more information, please visit moneygram.com and
follow @MoneyGram.
Contact:
Stephen Reiff
Media@MoneyGram.com
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SOURCE MoneyGram