MoneyGram International, Inc. a cross-border P2P payments and money transfer, provider, announced 162% August year-over-year cross-border transaction growth for MoneyGram Online, its direct-to-consumer digital business. Strong consumer demand for its leading digital capabilities and customer-centric app continues to accelerate, and MoneyGram has increased its active digital customer base, as new digital customers return and transact more frequently due to the seamless customer experience.
"Following a record-breaking July, we continued to see remarkable momentum in our digital business in August as we reported triple-digit year-over-year cross-border transaction growth for our direct-to-consumer digital business for the eighth consecutive month," said Alex Holmes, MoneyGram Chairman and CEO. "I'm proud our Company has achieved these incredible results despite ongoing global economic uncertainty. The continuation of this outperformance in September demonstrates how consumers around the world are valuing the speed of our digital transformation as well as our modern, mobile, and mission-driven customer experience."
The Company's digital results were driven by an ongoing demand for its customer-centric mobile app, high customer retention rates, and focused account deposit digital market expansion. Aligned with this strategic focus area, MoneyGram recently announced new mobile wallets partnerships in Africa, further enabling the Company to accelerate digital growth and lead the industry in mobile money adoption across the globe. In August, MoneyGram reported 126% year-over-year transaction growth in sends directly to bank accounts and mobile wallets.
"Our sustained digital growth clearly demonstrates that consumers are valuing our leading user experience and trusted brand, and that we are taking share from other digital players," said Kamila Chytil, MoneyGram Chief Operating Officer and leader of the Company's digital business. "Over the past several years we have established ourselves as an agile consumer driven company mobilizing the movement of money through the world's most powerful cross-border platform."
Re-disseminated by The Asian Banker