MoneyGram International, a global leader in the evolution of digital P2P payments has announced that its direct-to-consumer digital business, MoneyGram Online (MGO), delivered 44% year-over-year cross-border transaction growth over last June’s record volume.
MoneyGram Online continued growth has been driven by strong demand for its leading mobile app and high customer retention rates.
“Looking back at our recent accomplishments, it’s clear that 2021 remains a pivotal year for MoneyGram,” said Alex Holmes, MoneyGram Chairman, and CEO. “This rapid growth in our direct-to-consumer digital channel coupled with other exciting developments such as our strengthening financial position has put MoneyGram on a strong trajectory.”
For the quarter, digital receives, including sending directly to accounts, cards, and mobile wallets, hit an all-time high in transactions with 77% YoY growth. In India, digital receives are approaching 50% of total transactions, up from approximately 10% less than two years ago.
As demand for real-time payments and mobile wallets continues to surge, MoneyGram is well-positioned to continue to capture growth through this channel.
Holmes concluded: “We’re excited about our position and growth opportunities in the cross-border P2P market.
“MoneyGram’s large, loyal customer base, unique competitive advantages, and innovation roadmap will ensure MoneyGram continues to capture share and strengthen its position as the leader for progressive innovation in the industry.”