DALLAS, Aug. 13, 2020 /PRNewswire/ -- MoneyGram
International, Inc. (NASDAQ: MGI), a global leader in
cross-border P2P payments and money transfers, today reported
record 207% July year-over-year cross-border digital transaction
growth for MoneyGram Online, its direct-to-consumer digital
business. This channel was the key driver of overall digital
transaction growth of 124% that enabled 17% total money transfer
transaction growth in July, an acceleration from 10% year-over-year
money transfer transaction growth in June.
"Even in these challenging times, we delivered record digital
transaction growth in July that accelerated to 124%," said
Alex Holmes, MoneyGram Chairman and
CEO. "After reporting a strong June where the Company
returned to year-over-year global revenue growth, we've continued
to see the underlying momentum in our business strengthen as our
customer-centric digital transformation drives extremely strong
results."
Overall year-over-year July digital transaction growth of 124%
and digital revenue growth of 109% was driven by the following
components:
- MoneyGram Online, the Company's direct-to-consumer
channel, delivered 126% year-over-year transaction growth in July,
led by cross-border transaction growth of 207% as strong adoption
of the MoneyGram app continues to grow in markets around the
world;
- Digital partnerships delivered 101% year-over-year
transaction growth in July, an acceleration from 97% year-over-year
transaction growth in the second quarter
- Account deposit and mobile wallet transactions increased
165% in July, which is an acceleration from the second quarter
where the Company reported 148% year-over-year transaction growth.
Growth has been driven by markets such as India where sends to bank accounts increased
more than 320% compared to the prior year.
"Led by the industry's best mobile app and leading partnership
platform, our digital business is generating tremendous value for
customers and shareholders alike," said Kamila Chytil, Chief Operating Officer and
leader of the company's digital business. "Our growing customer
base of millions of users is an incredible growth engine for the
company, and we remain focused on further accelerating this strong
digital growth."
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