Digital Payments

MoneyGram’s Holiday Transactions Spike 70 Pct YOY

MoneyGram reported a record-breaking online transaction growth over the holiday period. Between Dec. 1 and Dec. 25, the company, a leader in money transfer services, reported a transaction growth of more than 70 percent from the same time in 2018, with 80 percent of those transactions done via mobile device, according to reports.

Outside the U.S., online transactions during the holidays increased almost 120 percent on a year-over-year basis. Globally, all of MoneyGram’s major online markets saw double-digit transaction growth in December.

With smartphone users numbered in the billions, along with changing global migration flows, MoneyGram has been strategically trying to remain relevant by investing in digital markets and key global markets.

Alex Holmes, MoneyGram chairman and CEO, noted that the success the company saw in December pointed to a satisfied user base that was happy with both the experience of using MoneyGram and the large network the company had built.

Since launching its redesigned app in 2018, MoneyGram has seen over 1.6 million downloads. It has also aimed to stay innovative by adding features, such as expanding the loyalty program internationally, launching Visa Direct, redesigning its website and bringing digital capabilities to new countries so that consumers can now send or receive money in over 60 markets.

MoneyGram COO Kamila Chytil, who also leads the company’s digital efforts, said the company views the digital side of MoneyGram as a startup that has branched out from the original business. She added that it has helped in terms of reaching new demographics.

Going into 2020, MoneyGram wants to roll out new digital enhancements to its app, and focus on digital marketing.

MoneyGram recently expanded its debit card deposit service to include Spain and the Philippines, and will allow cross-border transfers. The company plans to include more countries in that service in the future. It also recently expanded services to Hong Kong and New Zealand, in furthering its commitment to let more people use the app.

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New PYMNTS Report: The CFO’s Guide To Digitizing B2B Payments – August 2020 

The CFO’s Guide To Digitizing B2B Payments, a PYMNTS and Comdata collaboration, examines how companies are updating their AP approaches to protect their cash flows, support their vendors and enable their financial departments to operate remotely.

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