MoneyGram Reports Another Strong Month of Digital Growth Amidst a Pivotal Year for the Business
The Company delivered 44% YoY cross-border transaction growth for June in MoneyGram Online (MGO), its direct-to-consumer digital business
Transactions received digitally by customers hit at an all-time high in the quarter with 77% YoY growth
DALLAS, July 15, 2021 /PRNewswire/ -- MoneyGram International, Inc. (NASDAQ: MGI), a global leader in the evolution of digital P2P payments, today announced that its direct-to-consumer digital business, MoneyGram Online (MGO), delivered 44% year-over-year cross-border transaction growth over last June's record volume. MGO's continued growth has been driven by strong demand for its leading mobile app and high customer retention rates.
"Looking back at our recent accomplishments, it's clear that 2021 remains a pivotal year for MoneyGram," said Alex Holmes, MoneyGram Chairman and CEO. "This rapid growth in our direct-to-consumer digital channel coupled with other exciting developments such as our strengthening financial position has put MoneyGram on a strong trajectory."
For the quarter, digital receives, including sends directly to accounts, cards, and mobile wallets, hit an all-time high in transactions with 77% YoY growth. In India, digital receives are approaching 50% of total transactions, up from approximately 10% less than two years ago. As demand for real-time payments and mobile wallets continues to surge, MoneyGram is well-positioned to continue to capture growth through this channel.
Holmes concluded: "We're excited about our position and growth opportunities in the cross-border P2P market. MoneyGram's large, loyal customer base, unique competitive advantages, and innovation roadmap will ensure MoneyGram continues to capture share and strengthen its position as the leader for progressive innovation in the industry."
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 around the world 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.
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SOURCE MoneyGram
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