DALLAS, March 11, 2021 /PRNewswire/ -- MoneyGram
International, Inc. (NASDAQ: MGI), a global leader in cross-border
P2P payments and money transfers, today announced the Company
delivered 118% year-over-year cross-border transaction growth for
February in its direct-to-consumer digital business, MoneyGram
Online (MGO). This marks the fourteenth consecutive month of
triple-digit year-over-year cross-border transaction growth in the
channel.
"One year ago, government shutdowns started going into effect
around the globe. Fast forward to today, and the sustaining growth
of our digital business is demonstrating how our digital
transformation initiatives continue to make us an even stronger
company," said Alex Holmes,
MoneyGram Chairman and Chief Executive Officer. "We're especially
encouraged that even as the retail business recovers, we're seeing
continued strength from our digital business. In fact, app
customers acquired in the past year are averaging higher retention
rates than customers acquired before the pandemic."
The Company's digital business accounts for 30% of all money
transfer transactions, up from 18% in February of 2020. Digital
growth continues to be driven by strong consumer demand for the
leading mobile app, real-time transfer capabilities, high customer
retention rates, and sends directly to bank accounts. In February,
the Company also reported the largest transaction volume ever in a
given day for sends directly to bank accounts and mobile
wallets.
Holmes concluded: "As we look ahead, we're aggressively staying
on the offense. Customers continue to demonstrate a preference for
the MoneyGram experience, and we're laser-focused on digital
customer acquisition strategies to accelerate growth in our
direct-to-consumer channel which is delivering value for customers
and shareholders alike."
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 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.
For more information, please visit MoneyGram.com and follow
@MoneyGram.
Media Contact
Stephen
Reiff
Media@MoneyGram.com
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SOURCE MoneyGram