MoneyGram Reports Record 207% July Year-Over-Year Cross-Border Transaction Growth in its Direct-to-Consumer Digital Business MoneyGram Online
The Company reported 17% total year-over-year money transfer transaction growth in July, driven by its digital business which accelerated to 124% transaction growth and 109% revenue growth
Aug 13, 2020, 08:06 ET
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
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SOURCE MoneyGram
