Business Digital Payments Mobile Banking News

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

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

The Company delivered 44% YoY cross-border transaction growth for June in MoneyGram Online (MGO), its direct-to-consumer digital business

Transactions received digitally by customers hit at an all-time high in the quarter with 77% YoY growth

MoneyGram International, Inc., a global leader in the evolution of digital P2P payments, 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.”

Read More: Verizon Business and Mastercard Partner to Bring 5G to the Global Payments Industry

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.

Read More: iPipeline Teams with Symetra to Insure Term Life Customers in Minutes

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.”

Read More: Govolution by Deluxe and Fulton Bank Announce Strategic Partnership

Related posts

WhiteBIT Exchange & Bayesian Markets collaborate to enhance Bitcoin SV liquidity

Fintech News Desk

bitFlyer Europe Launches Cross-Border Trading with Japan to Further Consolidate Global Offering

Fintech News Desk

Billtrust Enhances its Robust B2B Payments Solution

Fintech News Desk