MoneyGram celebrates record number of transactions in the run-up to the holidays

Money transfer company MoneyGram saw a record number of online transactions being made through its platform before Christmas.

The Dallas-based company saw a 70% jump of transactions between December 1 and December 25 in 2019 compared to the same period the year before.

Of those, 80% were initiated on a mobile device.

Outside of the US, online transactions during the holiday period increased nearly 120% on a year-over-year basis.

Alex Holmes, chairman and CEO of Moneygram, attributed the success to the company’s commitment to diversify its products and channels, investing in both its digital business and in key international markets.

“As part of our digital transformation, we’re on a mission to mobilize the movement of money,” said Holmes. “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.”

The news comes after MoneyGram received a $50m capital injection from Ripple, the money transfer company, in November 2019.

Copyright © 2019 FinTech Global

Enjoying the stories?

Subscribe to our daily FinTech newsletter and get the latest industry news & research


The following investor(s) were tagged in this article.