Digital Transactions Soar Over the Holidays as MoneyGram Reports Record Online Growth

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MoneyGram’s direct-to-consumer digital business, MoneyGram Online (MGO), delivered 142% year-over-year cross-border transaction growth in December and reported the largest number of transactions ever in a given month

The growth rate marked a significant acceleration from the prior year with record online transactions during the holidays driven by strong consumer demand for the app

Jan. 5, 2021MoneyGram International, Inc., a global leader in cross-border P2P payments and money transfers, today announced record online transactions during the holiday season.

Digital Transactions Soar Over the Holidays as MoneyGram Reports Record Online Growth Brandspurng

For December, MoneyGram Online (MGO) delivered 142% year-over-year cross-border transaction growth and reported the largest number of transactions ever in a given month.

Driven by strong demand for the app and its real-time capabilities to send directly to bank accounts and mobile wallets, every country with MGO capabilities delivered a record number of transactions in the month.   

“During these uncertain times, when reliability, speed and affordability, coupled with digital-first offerings have mattered more than ever, customers continue to choose the MoneyGram brand in record numbers,” said Alex Holmes, MoneyGram Chairman and CEO.

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MoneyGram Reports Strong Start to Fourth Quarter with 10th Consecutive Month of Triple-Digit Growth in MGO
MoneyGram Reports Strong Start to Fourth Quarter with 10th Consecutive Month of Triple-Digit Growth in MGO – www.brandspurng.com

“Our growth this holiday season is another important milestone in our consumer-centric digital transformation, and the entire company is incredibly excited about the skyrocketing momentum in our direct-to-consumer business.”

MoneyGram previously announced strong consumer sentiment going into the 2020 holiday season, and the December growth in transactions once again highlights the resilience of money transfer consumers to support their loved ones abroad, despite economic hardships caused by the COVID-19 pandemic.

Consumers reported that increased needs of family and friends abroad were the largest factor impacting decisions to send money in 2020, above personal situations such as a change in income. Sending money for food expenses topped the list with 70% of respondents reporting that those abroad needed more money to take care of their families. This was followed by expenses for housing (55%) and healthcare (52%).

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In the survey, consumers also reported that the pandemic had led to an increase in family and friends requesting to receive money digitally, such as directly into a bank account or a mobile wallet instead of cash.

Consistent with these findings, in the month of December, MoneyGram achieved its highest month ever for money transfers sent directly to accounts. Growth was driven by real-time transfers utilizing Visa Direct, which increased over 500% in December as compared to the prior year.

“Our leading digital capabilities – including real-time transfers and the industry’s best user experience – continue to drive phenomenal results, and we’re proud to be the leading choice in cross-border money transfer for consumers this holiday season,” said Kamila Chytil, MoneyGram COO and leader of the Company’s digital business.

“As we look ahead, we’re focused on scaling even faster and ensuring our customers have the best digital experience imaginable.”

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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 81 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.

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Digital Transactions Soar Over the Holidays as MoneyGram Reports Record Online Growth - Brand SpurDigital Transactions Soar Over the Holidays as MoneyGram Reports Record Online Growth - Brand Spur

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Digital Transactions Soar Over the Holidays as MoneyGram Reports Record Online Growth - Brand SpurDigital Transactions Soar Over the Holidays as MoneyGram Reports Record Online Growth - Brand Spur

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 Digital Transactions Soar Over the Holidays as MoneyGram Reports Record Online Growth - Brand Spur

 

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The Trade Desk™ is a technology company that empowers buyers of advertising. Through its self-service, cloud-based platform, ad buyers can create, manage, and optimize digital advertising campaigns across ad formats and devices. Integrations with major data, inventory, and publisher partners ensure maximum reach and decisioning capabilities, and enterprise APIs enable custom development on top of the platform. Headquartered in Ventura, CA, The Trade Desk has offices across North America, Europe, and Asia Pacific. To learn more, visit thetradedesk.com or follow us on Facebook, Digital Transactions Soar Over the Holidays as MoneyGram Reports Record Online Growth - Brand SpurTwitter, and LinkedIn. 

 

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