Global money transfer company MoneyGram saw the number of transactions being made through its platform grow by 60% year-over-year through February.
That means that the growth had speeded up compared to the last quarter of 2019 when MoneyGram noted a 39% transaction growth.
Both US-outbound and international corridors drove the growth. In regards to the former, MoneyGram-branded Online achieved triple-digit transaction growth of 101% through February year-to-date and 37% revenue growth over the same period, which is an acceleration from 8% revenue growth in the fourth quarter of 2019.
International transactions for MoneyGram Online achieved 116% year-over-year growth and revenue growth of 70% February year-to-date.
“Over the past few years, we invested in digital money transfer capabilities to enable consumers to send and receive money from home in over 67 markets,” said Alex Holmes, MoneyGram Chairman and CEO.
“Transaction volumes so far this year are accelerating and building on the momentum from 2019. During this time of global uncertainty, the ability for consumers around the world to send and receive money is of critical importance.
“We are working diligently with our agent partners to ensure that our walk-in service continues to remain accessible, and we are pleased that our digital service is available to those customers who are temporarily unable to leave their homes.”
MoneyGram also noted that more than four out of five the company’s digital transactions are now done on a mobile device.
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