MoneyGram Digital Business Achieves Triple-Digit Growth in May
The Company achieved 100% year-over-year digital transaction growth driven by its customer-centric app and strong demand for mobile wallet and bank account deposit services
MoneyGram International, Inc., a global leader in cross-border P2P payments and money transfers, today reported 100% year-over-year digital transaction growth in May – a significant acceleration from the first quarter of 2020 where the company reported 57% growth.
“I’m excited to report that our strong digital growth continued to accelerate in May, highlighting yet again the incredible progress we’ve made as an organization to focus on our strategy to lead the industry in digitizing the movement of money,” said Alex Holmes MoneyGram Chairman and CEO. “Our digital business growth in May is particularly notable as we not only increased our active digital customer base, but also continued to see these new digital customers return and transact more frequently due to our seamless customer experience and global platform.”
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Overall digital growth in May was driven by the following components:
- MoneyGram Online, the company’s direct to consumer channel, delivered 107% year-over-year transaction growth in May, with over 80% of transactions completed on a mobile device.
- Digital partnerships, driven by key partners in Asia Pacific and Middle East, accelerated from 67% year-over-year transaction growth in April to 92% growth in May.
- Account deposit & mobile wallet transactions increased 156% in May which is an acceleration from the first quarter where the company reported 80% year-over-year transaction growth. Growth has been driven by markets such as the Philippines where sends to mobile wallets have increased over 200% compared to the prior year.
“Our digital transformation is demonstrating a phenomenal return on investment,” said Kamila Chytil, Chief Operating Officer and leader of the company’s digital business. “We’ve built a modern, mobile, API-driven company that is resonating with millions of consumers across the globe.”
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