MoneyGram Delivers All-Time Record High for MoneyGram Online Transactions in May

Rhea-AI Summary

MoneyGram International reported record highs in May 2021 for its direct-to-consumer channel, MoneyGram Online (MGO), achieving 53% growth in cross-border transactions and 60% growth in revenue. CEO Alex Holmes highlighted the sustained digital growth driven by strong demand for their mobile app and high customer retention. The results reflect a shift in consumer behavior with 'speed,' 'convenience,' and 'ease' cited as reasons for switching to MoneyGram. The company remains focused on scaling its digital business, aiming to create value for customers and shareholders.

Positive

• 53% growth in cross-border transactions in May 2021.
• 60% increase in revenue for MoneyGram Online (MGO).
• Strong customer retention rates boosting monthly active users.

Negative

• None.

DALLAS, June 9, 2021 /PRNewswire/ -- MoneyGram International, Inc., a global leader in the evolution of digital P2P payments, today announced an all-time high in money transfer transactions for May in its direct-to-consumer channel, MoneyGram Online (MGO). MGO also delivered all-time highs in cross-border transactions and revenue, growing 53% and 60% growth, respectively. 

"We continue to deliver remarkable digital growth, which is especially noteworthy when compared to last year's record-setting numbers," said Alex Holmes, MoneyGram Chairman and CEO. "Our sustained digital growth demonstrates that consumers are valuing our leading user experience and expansive digital footprint. As consumer behavior and tech-driven innovation continue to rapidly evolve, I'm excited our products are resonating with this digital-first generation. As a result, our consumer direct channel has hit yet another growth milestone and continues to capture market share."

MoneyGram's growth has been driven by strong demand for its leading mobile app and strong customer retention rates, which have combined to deliver market-leading month-over-month growth rates in Monthly Active Users. Additionally, the results of the recently announced MoneyGram Data Index further highlight the strength of the MoneyGram experience as customers cited 'speed,' 'convenience' and 'ease' as the main reasons for switching to MoneyGram in the past year.

Holmes concluded: "As we focus on our strategy to scale our digital business, we're investing for growth by putting the customer at the center of everything we do. Our strategy is delivering strong financial results and is creating tremendous value for both customers and shareholders, and I'm excited about our ability to maintain this strong momentum."

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.

Media Contact
Stephen Reiff
media@moneygram.com

 

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SOURCE MoneyGram

FAQ

What were MoneyGram's transaction growth figures for May 2021?

In May 2021, MoneyGram reported a 53% growth in cross-border transactions and a 60% increase in revenue for its MoneyGram Online (MGO) channel.

What factors led to the growth of MoneyGram's online services?

The growth in MoneyGram's online services was driven by strong demand for its mobile app and high customer retention rates.

What does MoneyGram's CEO say about the company's growth?

CEO Alex Holmes expressed that the sustained digital growth indicates strong consumer value in MoneyGram's user experience and digital footprint.

How is MoneyGram positioned in the digital payment landscape?

MoneyGram is focusing on scaling its digital business and has built a modern, mobile, and API-driven platform to serve nearly 150 million people globally.