MoneyGram Reports Another Strong Month of Digital Growth Amidst a Pivotal Year for the Business

Rhea-AI Summary

MoneyGram International (NASDAQ: MGI) reported a significant 44% year-over-year growth in cross-border transactions for its direct-to-consumer digital business, MoneyGram Online (MGO). The growth is attributed to rising demand for its mobile app and impressive customer retention rates. Additionally, digital receives, including sends to accounts and mobile wallets, rose 77% year-over-year. In India, digital transactions have surged to nearly 50% of total transactions, up from 10% two years ago. CEO Alex Holmes highlighted a strong financial position and optimistic growth opportunities in the cross-border P2P market.

Positive

• 44% year-over-year growth in cross-border transactions.
• 77% year-over-year growth in digital receives.
• Digital transactions in India nearing 50% of total volumes, up from 10% two years ago.

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• None.

DALLAS, July 15, 2021 /PRNewswire/ -- MoneyGram International, Inc. (NASDAQ: MGI), a global leader in the evolution of digital P2P payments, today announced that its direct-to-consumer digital business, MoneyGram Online (MGO), delivered 44% year-over-year cross-border transaction growth over last June's record volume. MGO's continued growth has been driven by strong demand for its leading mobile app and high customer retention rates.  

"Looking back at our recent accomplishments, it's clear that 2021 remains a pivotal year for MoneyGram," said Alex Holmes, MoneyGram Chairman and CEO. "This rapid growth in our direct-to-consumer digital channel coupled with other exciting developments such as our strengthening financial position has put MoneyGram on a strong trajectory."

For the quarter, digital receives, including sends directly to accounts, cards, and mobile wallets, hit an all-time high in transactions with 77% YoY growth. In India, digital receives are approaching 50% of total transactions, up from approximately 10% less than two years ago. As demand for real-time payments and mobile wallets continues to surge, MoneyGram is well-positioned to continue to capture growth through this channel.

Holmes concluded: "We're excited about our position and growth opportunities in the cross-border P2P market. MoneyGram's large, loyal customer base, unique competitive advantages, and innovation roadmap will ensure MoneyGram continues to capture share and strengthen its position as the leader for progressive innovation in the industry."

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