MoneyGram reveals 100% digital transaction spike

|

Daniel Webber
Daniel Webber
Founder & CEO
Daniel is Founder and CEO of FXcompared and has 18 years of experience in the international finance world focusing on cross-border payments, technology and the property sectors. Daniel is widely… Read more
  • The firm said that it saw the rise in digital transaction growth on a year-on-year basis.
  • It also saw a spike of over 150% when it came to account deposit and mobile wallet transactions.
  • “We’ve built a modern, mobile, API-driven company that is resonating with millions of consumers across the globe,” said a MoneyGram spokesperson.

International money transfer firm MoneyGram has revealed a series of growth statistics for May.

It said that it experienced “digital transaction growth” of 100% in May when calculated on a year-on-year basis and that this represented a rise compared to Q1 2020.

The firm also said that MoneyGram Online in particular, which is its direct consumer-focused channel, showed a year-on-year rise in transaction growth of 107% in May.

However, one of the most striking statistics was the growth in account deposit and mobile wallet transactions – these went up by 156% over the course of May.

This again reflected a leap compared to Q1 2020, when the equivalent year-on-year figure was 80%.

According to Alex Holmes, who serves as MoneyGram’s Chairman and CEO, the development reflects the firm’s “incredible progress”.

“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,” he said.

He also said that the “active digital customer base” enjoyed by the firm also rose over the course of the month.

“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,” he added.

Kamila Chytil, who serves as the firm’s COO and leader of its digital business operations, added that the company’s “digital transformation” had been successful so far.

“Our digital transformation is demonstrating a phenomenal return on investment,” she said.

“We’ve built a modern, mobile, API-driven company that is resonating with millions of consumers across the globe,” she added.

MoneyGram is clearly a company on a roll, and these statistics show that the numbers are on the up for the firm.

For online money transfer market watchers, it’s obvious why this has happened: the pandemic has pushed many people into making cash transfers to support loved ones, and there’s little alternative to digital in the era of social distancing.

However, as the company points out, firms cannot rely on external conditions alone when they want to drive product and service usage.

They also have to create an appealing and useful technological infrastructure, and beat its competitors to it in terms of quality and speed – something that MoneyGram looks like it can claim to be doing with some success.

Are you looking to learn more about the way that the online money transfer sector works? If so, just head over to our news pages and read the latest stories.


Most Read

Use Our Currency Comparison Tool

Select country...

Select country...

Send

Editor's Choice

FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended.  FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.