MoneyGram's Momentum Continues with Eighth Consecutive Month of Triple-Digit Cross-Border Transaction Growth in its Direct-to-Consumer Digital Business, MoneyGram Online

Rhea-AI Summary

MoneyGram International (NASDAQ: MGI) reported a remarkable 162% year-over-year growth in cross-border transactions for its digital business in August, marking the eighth consecutive month of triple-digit growth. This surge reflects a strong consumer demand for MoneyGram's digital capabilities and mobile app, alongside a growing base of active digital customers. The company also experienced a 126% increase in transactions sent directly to bank accounts and mobile wallets, enhanced by new partnerships in Africa.

Positive

• 162% year-over-year growth in cross-border transactions for digital business in August.
• Eighth consecutive month of triple-digit transaction growth.
• 126% increase in transactions directly sent to bank accounts and mobile wallets.
• New mobile wallet partnerships announced in Africa to support digital growth.

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• None.

DALLAS, Sept. 17, 2020 /PRNewswire/ -- MoneyGram International, Inc. (NASDAQ: MGI), a global leader in cross-border P2P payments and money transfers, today announced 162% August year-over-year cross-border transaction growth for MoneyGram Online, its direct-to-consumer digital business. Strong consumer demand for its leading digital capabilities and customer-centric app continues to accelerate, and MoneyGram has increased its active digital customer base, as new digital customers return and transact more frequently due to the seamless customer experience.

"Following a record-breaking July, we continued to see remarkable momentum in our digital business in August as we reported triple-digit year-over-year cross-border transaction growth for our direct-to-consumer digital business for the eighth consecutive month," said Alex Holmes, MoneyGram Chairman and CEO. "I'm proud our Company has achieved these incredible results despite ongoing global economic uncertainty. The continuation of this outperformance in September demonstrates how consumers around the world are valuing the speed of our digital transformation as well as our modern, mobile, and mission-driven customer experience."

The Company's digital results were driven by an ongoing demand for its customer-centric mobile app, high customer retention rates, and focused account deposit digital market expansion. Aligned with this strategic focus area, MoneyGram recently announced new mobile wallets partnerships in Africa, further enabling the Company to accelerate digital growth and lead the industry in mobile money adoption across the globe. In August, MoneyGram reported 126% year-over-year transaction growth in sends directly to bank accounts and mobile wallets.

"Our sustained digital growth clearly demonstrates that consumers are valuing our leading user experience and trusted brand, and that we are taking share from other digital players," said Kamila Chytil, MoneyGram Chief Operating Officer and leader of the Company's digital business. "Over the past several years we have established ourselves as an agile consumer driven company mobilizing the movement of money through the world's most powerful cross-border platform."

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 75 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.

Media Contact:
Stephen Reiff
Media@MoneyGram.com 

 

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SOURCE MoneyGram

FAQ

What were MoneyGram's transaction growth figures for August 2020?

MoneyGram reported a 162% year-over-year growth in cross-border transactions for its digital business in August 2020.

How many consecutive months has MoneyGram seen triple-digit growth in transactions?

MoneyGram has reported triple-digit growth in transactions for eight consecutive months.

What percentage increase did MoneyGram experience for transactions sent directly to bank accounts in August 2020?

MoneyGram experienced a 126% year-over-year increase in transactions sent directly to bank accounts and mobile wallets.

What are the key factors driving MoneyGram's digital growth?

MoneyGram's digital growth is driven by strong consumer demand for its app, high customer retention rates, and new partnerships in mobile wallets.

Who is the CEO of MoneyGram, and what did they say about the company's performance?

Alex Holmes, the CEO of MoneyGram, highlighted the remarkable momentum in the digital business despite global economic uncertainty.