- Firm says it saw growth of over 70% overall in the first 25 days of December – with mobile apps also seeing growth
- Development comes after a good year for the firm, which has enjoyed expansion
- It “demonstrates the value consumers place not only on our user experience, but also on our global distribution network”, says CEO
International money transfer service MoneyGram has announced a large spike in the volume of transactions it processed in the run-up to Christmas.
The firm, which is one of the most famous in the cross border payments sector, revealed that it had secured growth of over 70% between 1st December and 25th December, Christmas Day.
This figure was calculated compared to the same figure in 2018.
It also went on to report that 80% of these transactions came from mobile devices.
The figures were even more striking when the US was excluded.
There was an increase of nearly 120% in online transactions over the course of the holiday season on a year on year level.
There was a double-figure level of transaction growth in every single one of the firm’s leading internet-based markets over the course of the month.
MoneyGram’s CEO Alex Holmes described the move as evident of the “value” that customers ascribe to the service.
"The success of our mobile app throughout the year, and especially during this holiday season, demonstrates the value consumers place not only on our user experience, but also on our global distribution network", he said.
Kamila Chytil, who is MoneyGram’s chief operating officer and the member of staff responsible for digital, said the firm’s app was helping them access a “new customer segment”.
"We view our digital business as a start-up powered by a leading brand", she said.
"Our app is enabling us to reach a new customer segment, and we're continuing to invest in the digital business to bring our leading capabilities to more consumers across the globe."
The news comes after a strong year for MoneyGram.
It has, for example, added new debit card deposit services in countries such as the Philippines and Spain.
It has also become more active in markets such as New Zealand.
In the coming year, it intends to add a range of new digital features to its mobile application.
It also intends to look more closely at digital marketing.
This development from MoneyGram will be cheered on by those who hold a financial stake in the firm – and it is certainly good news.
However, to some degree, a spike was to be expected.
Remittances are even more popular during the holiday season, and they override traditional cultural and national boundaries.
A person in a country which doesn’t celebrate Christmas might have relatives living abroad in a place that does, for example, and want to send them cash.
For MoneyGram, the task now will be to keep the momentum going into the new year.
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