Digital money transfer service MoneyGram (NASDAQ: MGI) announced on Thursday its MoneyGram Online (MGO) service recorded an all-time high in cross-border transactions, as well as 131% growth in year-over-year cross-border transactions for March 2021. MoneyGram reported that this milestone marks the fifteenth consecutive month of triple-digit growth for MGO.
MoneyGram further revealed that it has continued to hit digital milestones and break records by focusing its strategy on expanding digital capabilities internationally, targeting new customer segments, and growing its digital footprint through partnerships with leading brands such as Visa Direct. In the month of March, MoneyGram reported an all-time high in Visa Direct transactions with 545% year-over-year growth.
Speaking about the latest milestone, Alex Holmes, MoneyGram Chairman and CEO, stated:
“Our investments in digital and our commitment to building direct relationships with consumers have enabled the company to capture market share. The growth in monthly active MGO app users is outpacing the competition, and we remain focused on scaling our digital business by fostering a customer-centric culture, elevating our digital experience, and executing our purpose-driven strategy to mobilize the movement of money.”
MoneyGram describes itself as a global provider of innovative money transfer services and is recognized worldwide as a financial connection to friends and family. The company offers person-to-person money transfer and payment services in more than 200 countries and territories through a global network of approximately 350,000 locations, working with retailers, international post offices, and banks.