DALLAS, April 15, 2021 /PRNewswire/ -- MoneyGram International, Inc., a global leader in the evolution of digital P2P payments, today announced MoneyGram Online (MGO) recorded an all-time high in cross-border transactions as well as 131% growth in year-over-year cross-border transactions for the month of March. This marks the fifteenth consecutive month of triple-digit growth for MGO. This continuing growth has been driven by consumer demand for the Company's leading mobile app as it sustains strong app download growth rates and continues to experience strong customer retention rates.
"It's thrilling to see MoneyGram hit this growth milestone in our direct-to-consumer digital business," said Alex Holmes, MoneyGram Chairman and Chief Executive Officer. "Our investments in digital and our commitment to building direct relationships with consumers have enabled the company to capture market share. The growth in monthly active MGO app users is outpacing the competition, and we remain focused on scaling our digital business by fostering a customer-centric culture, elevating our digital experience, and executing our purpose-driven strategy to mobilize the movement of money."
In addition to delivering the industry's best customer experience through its app, MoneyGram has continued to hit digital milestones and break records by focusing its strategy on rapidly expanding its digital capabilities internationally, targeting new customer segments, and growing its digital footprint through partnerships with leading brands such as Visa Direct. In the month of March, the Company reported an all-time high in Visa Direct transactions with 545% year-over-year growth.
Holmes concluded: "Our innovation is winning with consumers and driving significant momentum in our business. Our growing digital channel has established the foundation for MoneyGram's long-term, sustainable growth, and profitability."
About MoneyGram International, Inc.
MoneyGram is leading the evolution of digital P2P payments. With a purpose-driven strategy to mobilize the movement of money, a strong culture of fintech innovation, and leading customer-centric capabilities, MoneyGram has grown to serve nearly 150 million people across the globe over the last five years.
The Company leverages its modern, mobile, and API-driven platform and collaborates with the world's leading brands to serve consumers through MoneyGram Online (MGO), its direct-to-consumer digital business, its global retail network and its emerging embedded finance business for enterprise customers, MoneyGram as a Service.
For more information, please visit ir.moneygram.com and follow @MoneyGram.