MoneyGram Online (MGO) also reached all-time highs for cross-border transactions and revenues, as well as digital sending and receiving via Visa Direct
MoneyGram International, Inc., a world leader in the evolution of digital person-to-person (P2P) payments, announced that it reached an all-time high in transactions of money transfer in May through its direct-to-consumer channel, MoneyGram Online (MGO). MGO also experienced all-time highs in cross-border transactions and revenue, growing 53% and 60%, respectively.
“We continue to achieve remarkable digital growth, which is especially significant when compared to the record numbers we achieved last year,” said Alex Holmes , president and CEO of MoneyGram. “Our sustained digital growth demonstrates that consumers are valuing our outstanding user experience and expansive digital footprint. As user behavior and technology-driven innovation continue to evolve rapidly, I am excited that our products resonate with this generation of digital priority. As a result, our direct-to-consumer channel has reached yet another growth milestone and continues to capture market share. ”
MoneyGram’s growth has been driven by strong demand for its leading mobile app and strong customer retention rates, which have combined to deliver market-leading monthly growth rates in monthly active users. Additionally, the recently announced MoneyGram Data Index results further highlight the robustness of the MoneyGram experience, as customers cited “speed,” “convenience,” and “ease” as the top reasons for switching to MoneyGram last year.
Holmes concluded: “As we focus on the strategy of scaling our digital business, we invest to drive growth by prioritizing putting the customer at the center of everything we do. Our strategy is delivering strong financial results and creating tremendous value both for Customers as well as stakeholders. I am excited about our ability to maintain this strong momentum. ”