MoneyGram Digital Growth Maintains Strong Momentum and Market Expansion Continues

Rhea-AI Summary

MoneyGram International (NASDAQ: MGI) reported a significant 106% year-over-year growth in digital transactions for June 2020, reflecting strong consumer demand for its digital services. The company is further expanding its consumer direct channel to Iceland, enhancing its online presence. MoneyGram's digital business growth has contributed to the return to revenue growth, with all components of the digital platform playing a vital role. CEO Alex Holmes highlighted improved customer loyalty and ongoing expansion efforts, positioning MoneyGram as a leader in the evolving digital P2P payments landscape.

Positive

• 106% year-over-year growth in digital transactions in June 2020.
• Expansion of consumer direct channel to Iceland.
• Digital transformation contributing to revenue growth.
• Increased customer loyalty to digital services.

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• None.

DALLAS, July 9, 2020 /PRNewswire/ -- MoneyGram International, Inc. (NASDAQ: MGI), a global leader in cross-border P2P payments and money transfers, today reported 106% year-over-year digital transaction growth in June as strong consumer demand for its leading digital capabilities and customer-centric app continues to grow. The company also announced the expansion of its consumer direct channel and online presence to Iceland.

"Our digital results once again highlight how consumers around the world are recognizing a 'new' MoneyGram that is delivering the best digital experience in the industry and providing a seamless connection to family and friends through our modern, mobile, and API-driven platform," said Alex Holmes MoneyGram Chairman and CEO. "We're especially encouraged by the stickiness of our digital customers who are remaining loyal to our brand, and we continue to focus on bringing our leading capabilities to more consumers in more markets."

Each component of the digital business: MoneyGram Online, digital partnerships, and sends directly to a wallet or bank account contributed to the strong overall digital growth in June.

"In addition to the significant increase in digital transactions, our June results highlight how our digital business is helping the company return to revenue growth," said Kamila Chytil, Chief Operating Officer and leader of the company's digital business. "Our digital transformation has significantly improved every part of the company, and our agile investment approach continues to demonstrate results."

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 -1%26h%3D2079308765%26u%3Dhttps%253A%252F%252Fc212.net%252Fc%252Flink%252F%253Ft%253D0%2526l%253Den%2526o%253D2742338-1%2526h%253D1671042154%2526u%253Dhttp%25253A%25252F%25252Fwww.moneygram.com%25252F%2526a%253Dmoneygram.com%26a%3Dmoneygram.com&a=moneygram.com" rel="nofollow">moneygram.com and follow @MoneyGram.

Contact:
Stephen Reiff
Media@MoneyGram.com

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SOURCE MoneyGram

FAQ

What is the significance of MoneyGram's 106% digital transaction growth in June 2020?

The 106% growth indicates strong consumer demand for MoneyGram's digital services, reflecting successful digital transformation and customer engagement.

How is MoneyGram expanding its services as of July 2020?

MoneyGram is expanding its consumer direct channel and online presence to Iceland, aiming to reach more customers.

What impact does MoneyGram's digital growth have on its revenue?

The digital growth has played an essential role in MoneyGram's return to revenue growth, showcasing the effectiveness of its digital strategy.

Who is the CEO of MoneyGram and what has he stated about digital growth?

Alex Holmes, the CEO, stated that the digital growth demonstrates the company's ability to provide a superior digital experience and improve customer loyalty.