MoneyGram Online (MGO) posted 118% year-on-year growth in international transactions in February, its fourteenth consecutive month of triple-digit growth
MoneyGram International, Inc., a world leader in person-to-person payments and international money transfers, announced that the company obtained in February a 118% growth in international transactions for MoneyGram Online (MGO), its direct-to-consumer digital business. This marks its fourteenth consecutive month of triple-digit year-on-year growth in international transactions on the channel.
“A year ago, government lockdowns began around the world. Today, the sustained growth of our digital business demonstrates how our digital transformation initiatives continue to enable us to be an even stronger company,” said Alex Holmes , President and CEO of MoneyGram. “What particularly incentivizes us is that even as retail recovers, we see continued strength in our digital business. In reality, the app customers we acquired last year average higher retention rates than the customers we acquired. before the pandemic “.
The company’s digital business accounts for 30% of all money transfer transactions, up from 18% in February 2020. Digital business growth continues to be driven by strong consumer demand for the leading mobile app, real-time transfer capabilities, high customer retention rates, and direct shipments to bank accounts. In February, the company also recorded the highest transaction volume on a specific day for direct shipments to bank accounts and mobile wallets.
Holmes concluded: “Going forward, we maintain a relentless offensive strategy. Customers continue to demonstrate their preference for the expertise MoneyGram offers, and we are fully focused on strategies to acquire digital customers to accelerate the growth of our direct-to-consumer channel. , which offers value to our customers and shareholders alike. ”
MoneyGram is a global leader in person-to-person payments and international money transfers. Its consumer-centric capabilities allow family and friends to send money quickly and inexpensively in more than 200 countries and territories, and of these, 90 can do so digitally.