MoneyGram Continues to Deliver Remarkable Momentum in Digital Business with Strong Growth in September

Rhea-AI Summary

MoneyGram International, Inc. (NASDAQ: MGI) reported a significant 161% year-over-year growth in cross-border transactions through its digital platform in September 2020. This marks the ninth consecutive month of triple-digit growth, driven by strong demand for its mobile app and digital capabilities across over 75 countries. The CEO emphasized improvements in customer experience and digital transformation, which have fueled increased activity despite industry expectations of decline due to the pandemic.

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• 161% year-over-year growth in cross-border transactions for MoneyGram Online.
• Nine months of consecutive triple-digit growth in digital transactions.
• Increased monthly active users on the MoneyGram app.

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• None.

DALLAS, Oct. 13, 2020 /PRNewswire/ -- MoneyGram International, Inc. (NASDAQ: MGI), a global leader in cross-border P2P payments and money transfers, today announced another impressive month of digital growth in September. The Company delivered 161% year-over-year cross-border transaction growth for MoneyGram Online, its direct-to-consumer digital business, marking its ninth consecutive month of triple-digit growth. This growth continues to be driven by strong consumer demand for the Company's leading mobile app and a full suite of leading digital capabilities available in over 75 countries.

"Over the past few months, we have continued to drive a phenomenal increase in monthly active users on our leading app, as our customers remain loyal to our unmatched user experience and continue to refer their friends and family to the trusted MoneyGram brand," said Alex Holmes, MoneyGram Chairman and CEO. "Our relentless focus on improving our customer-centric capabilities from product improvements, to innovative customer acquisition campaigns and our loyalty program, enables us to offer the most seamless cross-border P2P money transfer experience in the industry."

As a result of the pandemic starting to rapidly spread in early 2020, numerous organizations projected annual remittance flows would decline materially. In contrast to these predictions, MoneyGram has reported a sizable uptick in global money transfers, particularly in its direct-to-consumer digital business as a result of the Company's ongoing digital transformation to build the world's best modern, mobile, and API-driven money transfer platform.

"We continue to prioritize investments in digital capabilities and user experience improvements to further enhance our consumer-focused digital transformation," said Kamila Chytil, MoneyGram Chief Operating Officer and leader of the Company's digital business.  "As COVID-19 and its ongoing impact on everyday life continues to create a new normal, we've increased our efforts on our direct-to-consumer digital business and our results continue to flourish."

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 75 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.

Media Contact:
Stephen Reiff
Media@MoneyGram.com

 

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SOURCE MoneyGram

FAQ

What recent growth has MoneyGram (MGI) reported for September 2020?

MoneyGram reported a 161% year-over-year growth in cross-border transactions for its digital platform in September 2020.

How many months of triple-digit growth has MoneyGram experienced?

MoneyGram has experienced nine consecutive months of triple-digit growth in its digital business.

What factors have contributed to MoneyGram's growth during the pandemic?

The growth has been driven by strong consumer demand for MoneyGram's mobile app and ongoing digital transformation efforts.

What markets is MoneyGram focusing on for its digital business?

MoneyGram is focusing on enhancing its digital capabilities in over 75 countries globally.