MoneyGram Launches MoneyGram Online ("MGO") Website in Brazil

Rhea-AI Summary

MoneyGram International (NASDAQ: MGI) has launched MoneyGram Online (MGO) in Brazil, allowing consumers to send funds in near real-time worldwide with zero transaction fees. This service leverages a partnership with Frente Corretora, enhancing MoneyGram's digital presence in Brazil, where demand for digital solutions is on the rise. The launch aims to capture market share in a region where remittances are expected to grow by nearly 10% over the next five years. MoneyGram already has a strong retail presence in Brazil, with over 1,000 locations.

Positive

• Launch of MoneyGram Online in Brazil, expanding digital services.
• Zero transaction fees for consumers, likely increasing user adoption.
• Potential to capture growth in a rapidly expanding digital remittances market.

Negative

• None.

Consumers can now use the Company's leading website to send funds from Brazil in near real-time to family and friends around the world

MoneyGram is continuing to execute its strategy to accelerate the growth and geographic expansion of MoneyGram Online

DALLAS, Dec. 20, 2022 /PRNewswire/ -- MoneyGram International, Inc. (NASDAQ: MGI) ("MoneyGram" or the "Company"), a global leader in the evolution of digital P2P payments, today announced the launch of MoneyGram Online ("MGO") in Brazil. Consumers can now use the Company's leading website to send funds from Brazil in near real-time to family and friends around the world. Recipients can receive money through the Company's suite of options designed to meet their unique needs, such as account deposit, mobile wallet, and cash pick-up from retail locations. MoneyGram is launching this service with zero transaction fees for consumers.

"As we continue to execute our strategy to grow and expand MoneyGram Online geographically, I am thrilled to announce that our website is now officially live in Brazil," said Alex Holmes, MoneyGram Chairman and CEO. "We are extremely proud of the immersive online platform we've built for customers around the world, and our sustained digital growth globally demonstrates that consumers truly value our leading user experience. We're confident that this launch will enable us to capture growth from new customer segments, deepen relationships with established customers and create tremendous value for years to come."

MoneyGram already has a leading presence in Brazil with over 1,000 retail locations throughout the country that have enabled consumers to send money abroad for the past 25 years. The Company is committed to continuing to meet ever-changing consumer needs, and as demand has increasingly shifted online, MoneyGram now enables consumers in Brazil to send money on-the-go or from the comfort of their own homes.

According to the World Bank, outbound remittances from Latin America have been steadily increasing in recent years.¹ In Brazil, immigration flow has increased 24% in the past 10 years, reaching 1 million immigrants in the country in 2022.² As demand for digital solutions increases in the country, the Brazilian digital remittances segment is projected to grow by nearly 10% in the next five years.³

Holmes added: "This is a significant growth opportunity for MoneyGram to capture market share in a country with one of the largest populations in the world. As we approach the start of the new year, we're set up for success."

This new service is made possible through MoneyGram's partnership with Frente Corretora, a leading financial technology company in Brazil.

About MoneyGram International, Inc.
MoneyGram International, Inc. (NASDAQ: MGI), a global leader in the evolution of digital P2P payments, delivers innovative financial solutions to connect the world's communities. 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 over 150 million people in the last five years. The Company leverages its modern, mobile, and API-driven platform and collaborates with the world's top brands to serve consumers through its direct-to-consumer digital channel, global retail network, and embedded finance business for enterprise customers. MoneyGram is also a leader in pioneering cross-border payment innovation and blockchain-enabled settlement. For more information, please visit ir.moneygram.com, follow @MoneyGram on social media and explore the website and mobile app through moneygram.com.

Media Contact
Sydney Schoolfield
media@moneygram.com 

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¹ https://data.worldbank.org/indicator/BM.TRF.PWKR.CD.DT?locations=ZJ
² https://agenciabrasil.ebc.com.br/radioagencia-nacional/direitos-humanos/audio/2021-12/numero-de-imigrantes-no-brasil-cresce-24-em-dez-anos 
³ https://www.statista.com/outlook/dmo/fintech/digital-payments/digital-remittances/brazil

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SOURCE MoneyGram

FAQ

What is MoneyGram's new service in Brazil?

MoneyGram has launched MoneyGram Online (MGO) in Brazil, allowing users to send funds globally in near real-time.

What are the benefits of using MoneyGram Online in Brazil?

The service offers zero transaction fees and multiple options for receiving money, including bank deposits and cash pickup.

How has MoneyGram's market presence changed in Brazil?

MoneyGram has enhanced its digital presence in Brazil to meet the increasing demand for online remittance solutions.

What is the expected growth of digital remittances in Brazil?

The Brazilian digital remittances segment is projected to grow by nearly 10% in the next five years.

What is MoneyGram's strategy for Brazil?

MoneyGram aims to expand geographically and capture a larger market share in Brazil's growing remittance market.