MoneyGram Customer-Centric Growth Strategy Contributes to Another Strong Month of Digital Growth

Rhea-AI Summary

MoneyGram International (NASDAQ: MGI) reported 118% year-over-year growth in cross-border transactions for February 2021 in its digital business, MoneyGram Online (MGO). This marks the fourteenth consecutive month of triple-digit growth. The digital segment now comprises 30% of total money transfer transactions, up from 18% in February 2020. The surge in digital growth is attributed to consumer demand for its mobile app, high retention rates, and the ability to send money directly to bank accounts. The company continues to focus on digital customer acquisition strategies for sustained growth.

Positive

• 118% year-over-year growth in cross-border transactions for February 2021.
• Digital business now constitutes 30% of overall money transfer transactions, up from 18% a year ago.
• Highest transaction volume in a single day for direct bank account and mobile wallet sends.

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• None.

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