MoneyGram International has announced an all-time high in money transfer transactions for May in its direct-to-consumer channel, MoneyGram Online (MGO).
MGO also delivered all-time highs in cross-border transactions and revenue, growing 53% and 60% growth, respectively.
“We continue to deliver remarkable digital growth, which is especially noteworthy when compared to last year’s record-setting numbers,” said Alex Holmes, MoneyGram Chairman and CEO. “Our sustained digital growth demonstrates that consumers are valuing our leading user experience and expansive digital footprint.
“As consumer behavior and tech-driven innovation continue to rapidly evolve, I’m excited our products are resonating with this digital-first generation. As a result, our consumer-direct channel has hit 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 month-over-month growth rates in Monthly Active Users.
Additionally, the results of the recently announced MoneyGram Data Index further highlight the strength of the MoneyGram experience as customers cited ‘speed,’ ‘convenience’ and ‘ease’ as the main reasons for switching to MoneyGram in the past year.
Holmes concluded: “As we focus on our strategy to scale our digital business, we’re investing for growth by putting the customer at the center of everything we do. Our strategy is delivering strong financial results and is creating tremendous value for both customers and shareholders, and I’m excited about our ability to maintain this strong momentum.”