MoneyGram Mobile App Demand and Customer Retention Powers Digital P2P Transaction Growth in November

Rhea-AI Summary

MoneyGram International (NASDAQ: MGI) reported a remarkable 135% year-over-year revenue growth for its direct-to-consumer digital platform, MoneyGram Online (MGO), in November 2020. This marks the eleventh consecutive month of triple-digit growth in cross-border transactions. CEO Alex Holmes highlighted the app's high customer retention and repeat usage, positioning MGI as a leading fintech. The company’s strategy focuses on enhancing digital capabilities and customer experience, aiming to capitalize on the holiday season's demand.

Positive

• 136% year-over-year growth in cross-border transactions for November 2020.
• 135% year-over-year revenue growth for MoneyGram Online in November.
• App's high customer retention and repeat usage rates.
• Positioned as one of the largest and fastest-growing fintechs.

Negative

• None.

DALLAS, Dec. 9, 2020 /PRNewswire/ -- MoneyGram International, Inc. (NASDAQ: MGI), a global leader in cross-border P2P payments and money transfers, today announced the Company delivered 136% year-over-year cross-border transaction growth and 135% year-over-year revenue growth for November in its direct-to-consumer digital business, MoneyGram Online (MGO). This marks the eleventh consecutive month of triple-digit year-over-year cross-border transaction growth in the channel. The Company also reported strong MGO revenue growth in November, posting the third largest revenue month for MGO in 2020.

"The consistent, profitable growth in our consumer direct business has enabled it to quickly become one of the largest, fastest growing fintechs in the industry," said Alex Holmes, MoneyGram Chairman and Chief Executive Officer. "Our consumer-centric app is delivering a phenomenal return on investment as repeat usage and customer retention rates continue to exceed expectations. The successful execution of our strategy to accelerate digital growth is delivering remarkable value to shareholders, and we're excited about our continued growth trajectory."

As MoneyGram leads the evolution of digital cross-border P2P payments and money transfers, the Company has focused its digital strategy on delivering the industry's best customer experience through its leading app, rapidly expanding its digital capabilities internationally, targeting a new customer segment, and growing its bank account & mobile wallet network by partnering with leading brands such as Visa Direct.

"Our data-driven digital transformation and relentless focus on customer feedback has enabled the Company to quickly scale digital transactions and achieve strong revenue growth," said Kamila Chytil, MoneyGram Chief Operating Officer and leader of the Company's digital business. "We expect to continue to capture market share as we head into the Holiday season and maintain our strong momentum into the new year."

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 81 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-mobile-app-demand-and-customer-retention-powers-digital-p2p-transaction-growth-in-november-301189531.html

SOURCE MoneyGram

FAQ

What were MoneyGram's revenue growth figures for November 2020?

MoneyGram reported a 135% year-over-year revenue growth for its MoneyGram Online platform in November 2020.

How much did MoneyGram's cross-border transaction volume increase in November 2020?

In November 2020, MoneyGram experienced a 136% year-over-year increase in cross-border transaction volume.

How many months in a row has MoneyGram seen triple-digit transaction growth?

MoneyGram has reported eleven consecutive months of triple-digit year-over-year cross-border transaction growth.

What is the focus of MoneyGram's digital strategy?

MoneyGram's digital strategy is focused on enhancing customer experience and expanding digital capabilities internationally.

Why is MoneyGram's app considered successful?

The app is deemed successful due to high customer retention and repeat usage, providing a strong return on investment.