MoneyGram Digital Business Continues Rapid Ascent with 30% of Company Transactions Now Digital

Rhea-AI Summary

MoneyGram International, Inc. (NASDAQ: MGI) reported a strong start to 2021, achieving 137% year-over-year growth in cross-border transactions through its MoneyGram Online (MGO) platform for January. This marks thirteenth consecutive months of triple-digit growth. Additionally, app transactions surged 161% year-over-year, and digital transactions now represent a record 30% of total transactions. The positive results stem from a strong fourth quarter in 2020 and reflect sustained consumer demand, effective cost management, and increased market share.

Positive

• 137% year-over-year growth in cross-border transactions for January.
• 161% year-over-year increase in app transactions.
• Digital transactions accounted for a record 30% of total transactions.

Negative

• None.

DALLAS, Feb. 25, 2021 /PRNewswire/ -- MoneyGram International, Inc. (NASDAQ: MGI), a global leader in cross-border P2P payments and money transfers, today announced the Company delivered 137% year-over-year cross-border transaction growth for January in its direct-to-consumer digital business, MoneyGram Online (MGO), marking the thirteenth consecutive month of triple-digit year-over-year cross-border transaction growth in the channel. The Company's consumer-centric app helped drive MGO growth as app transactions increased 161% year-over-year in January. Additionally, the Company announced another important milestone on its digital transformation journey as digital transactions accounted for a record 30% of all money transfer transactions in January.

"We're pleased to report a strong start to the year, which demonstrates sustained momentum in consumer demand for our leading app and continued market share gains," said Alex Holmes, MoneyGram Chairman and Chief Executive Officer. "This has also brought our digital business to 30% of all money transfer transactions, resulting in a size and scale that has redefined MoneyGram's business."

The Company's strong January results come on the heels of strong fourth quarter and full-year 2020 financial results. Earlier this week, MoneyGram reported a record number of digital customers in the fourth quarter of last year and 152% year-over-year cross-border transaction growth in MGO for the full-year. These results continue to be led by record digital growth and successful expense control measures.

"As MoneyGram leads the evolution of digital cross-border P2P payments and money transfers, we continue to execute our strategy to deliver the industry's best customer experience," said Kamila Chytil, MoneyGram Chief Operating Officer. "Our January results are yet another example of how our customer-centric app is delivering industry leading returns on investment and driving strong customer lifetime value."

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

View original content to download multimedia:http://www.prnewswire.com/news-releases/moneygram-digital-business-continues-rapid-ascent-with-30-of-company-transactions-now-digital-301235631.html

SOURCE MoneyGram

FAQ

What were MoneyGram's January 2021 transaction growth figures?

In January 2021, MoneyGram reported a 137% year-over-year growth in cross-border transactions.

How much did app transactions increase for MoneyGram in January 2021?

App transactions increased by 161% year-over-year in January 2021.

What percentage of MoneyGram's transactions are now digital?

Digital transactions accounted for 30% of all money transfer transactions as of January 2021.

What is MoneyGram's stock symbol?

MoneyGram's stock symbol is MGI.

What were the key achievements in MoneyGram's digital business for January 2021?

MoneyGram's digital business achieved 137% growth in cross-border transactions and 161% growth in app transactions in January 2021.