Fintech News

MoneyGram Continues to Deliver Remarkable Momentum in Digital Business with Strong Growth in September

MoneyGram Continues to Deliver Remarkable Momentum in Digital Business with Strong Growth in September

September marks the ninth consecutive month of triple-digit cross-border transaction growth in the Company’s direct-to-consumer digital business, MoneyGram Online

Despite the ongoing pandemic, the Company’s customer-centric mobile app, high customer retention rates, and account deposit digital market expansion have driven consistent growth

MoneyGram International, Inc. (NASDAQ: MGI), a global leader in cross-border P2P payments and money transfers, today announced another impressive month of digital growth in September. The Company delivered 161% year-over-year cross-border transaction growth for MoneyGram Online, its direct-to-consumer digital business, marking its ninth consecutive month of triple-digit growth. This growth continues to be driven by strong consumer demand for the Company’s leading mobile app and a full suite of leading digital capabilities available in over 75 countries.

Read More: Costs Exceed Revenue for Many Latino-Owned Businesses Since The COVID-19 Pandemic Began, According to Biz2Credit’s Annual Study

“Over the past few months, we have continued to drive a phenomenal increase in monthly active users on our leading app, as our customers remain loyal to our unmatched user experience and continue to refer their friends and family to the trusted MoneyGram brand,” said Alex Holmes, MoneyGram Chairman and CEO. “Our relentless focus on improving our customer-centric capabilities from product improvements, to innovative customer acquisition campaigns and our loyalty program, enables us to offer the most seamless cross-border P2P money transfer experience in the industry.”

As a result of the pandemic starting to rapidly spread in early 2020, numerous organizations projected annual remittance flows would decline materially. In contrast to these predictions, MoneyGram has reported a sizable uptick in global money transfers, particularly in its direct-to-consumer digital business as a result of the Company’s ongoing digital transformation to build the world’s best modern, mobile, and API-driven money transfer platform.

“We continue to prioritize investments in digital capabilities and user experience improvements to further enhance our consumer-focused digital transformation,” said Kamila Chytil, MoneyGram Chief Operating Officer and leader of the Company’s digital business.  “As COVID-19 and its ongoing impact on everyday life continues to create a new normal, we’ve increased our efforts on our direct-to-consumer digital business and our results continue to flourish.”

Read More: Deutsche Bank Becomes First European Bank to be Approved for China’s SAFE Foreign Currency Trade Payments Pilot Scheme

Related posts

DMG Invests US$2 Million in Bosonic’s Crypto Trading Platform

Fintech News Desk

Genesis Bank Announces Partnership With Asian Business Association of Orange County

Fintech News Desk

Republic Provides a $1.5 million Facility to a Midwestern Transportation Company