MoneyGram Reports Record 207% July Year-Over-Year Cross-Border Transaction Growth in its Direct-to-Consumer Digital Business MoneyGram Online

Rhea-AI Summary

MoneyGram International (MGI) reported a record 207% year-over-year growth in cross-border digital transactions for July 2020, primarily driven by its direct-to-consumer platform, MoneyGram Online. Overall, digital transaction growth reached 124%, leading to a 17% increase in total money transfer transactions. This marked an acceleration from 10% growth in June. Notably, the company saw transaction growth across various segments, including a 165% rise in account deposit and mobile wallet transactions. CEO Alex Holmes and COO Kamila Chytil emphasized the positive momentum in the digital transformation.

Positive

• 207% year-over-year growth in cross-border digital transactions for July.
• 124% digital transaction growth overall in July, up from 10% in June.
• 17% increase in total money transfer transactions in July.
• Digital revenue growth of 109% in July.
• Account deposit and mobile wallet transactions up 165%.

Negative

• None.

DALLAS, Aug. 13, 2020 /PRNewswire/ -- MoneyGram International, Inc. (NASDAQ: MGI), a global leader in cross-border P2P payments and money transfers, today reported record 207% July year-over-year cross-border digital transaction growth for MoneyGram Online, its direct-to-consumer digital business. This channel was the key driver of overall digital transaction growth of 124% that enabled 17% total money transfer transaction growth in July, an acceleration from 10% year-over-year money transfer transaction growth in June.

"Even in these challenging times, we delivered record digital transaction growth in July that accelerated to 124%," said Alex Holmes, MoneyGram Chairman and CEO.  "After reporting a strong June where the Company returned to year-over-year global revenue growth, we've continued to see the underlying momentum in our business strengthen as our customer-centric digital transformation drives extremely strong results."

Overall year-over-year July digital transaction growth of 124% and digital revenue growth of 109% was driven by the following components:

• MoneyGram Online, the Company's direct-to-consumer channel, delivered 126% year-over-year transaction growth in July, led by cross-border transaction growth of 207% as strong adoption of the MoneyGram app continues to grow in markets around the world;
  
  
• Digital partnerships delivered 101% year-over-year transaction growth in July, an acceleration from 97% year-over-year transaction growth in the second quarter
  
  
• Account deposit and mobile wallet transactions increased 165% in July, which is an acceleration from the second quarter where the Company reported 148% year-over-year transaction growth. Growth has been driven by markets such as India where sends to bank accounts increased more than 320% compared to the prior year.

"Led by the industry's best mobile app and leading partnership platform, our digital business is generating tremendous value for customers and shareholders alike," said Kamila Chytil, Chief Operating Officer and leader of the company's digital business. "Our growing customer base of millions of users is an incredible growth engine for the company, and we remain focused on further accelerating this strong digital growth."

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 moneygram.com and follow @MoneyGram.

Contact:
Stephen Reiff
Media@MoneyGram.com

 

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SOURCE MoneyGram

FAQ

What was the digital transaction growth for MoneyGram (MGI) in July 2020?

MoneyGram reported a record 124% year-over-year digital transaction growth in July 2020.

How much did cross-border transactions grow for MoneyGram (MGI) in July?

Cross-border digital transactions for MoneyGram grew by 207% year-over-year in July 2020.

What was the total money transfer transaction growth for MoneyGram (MGI) in July 2020?

Total money transfer transactions increased by 17% in July 2020.

What factors contributed to MoneyGram's (MGI) digital revenue growth in July 2020?

The growth was driven by segments including MoneyGram Online and significant increases in account deposit and mobile wallet transactions.

What did MoneyGram's CEO say about their performance in July 2020?

CEO Alex Holmes stated that the company delivered record digital transaction growth, reflecting the momentum in their business.