Moneygram International Inc (NASDAQ: MGI) has applauded MoneyGram Online for its remarkable 44% year-over-year cross-border transaction growth. The performance of this direct-to-consumer digital business over last June’s record volume showcases a segment dedicated to progress, and the future looks brighter.
Focusing on the change
Analysts have been evaluating the company’s performance and trying to establish what has been driving MGO’s continued growth in particular. They have agreed that MGO’s continued growth has been possible because of the ongoing and robust demand for its top-rated mobile app and the great customer retention rates.
MoneyGram Chairman and CEO Alex Holmes has been looking back at most of the company’s recent accomplishments, and he has something to say about the matter. The leader admits that 2021 has been a pivotal year for MoneyGram, and it helps them strategize their business plans better to achieve better outcomes in the future.
The official opines, “This rapid growth in our direct-to-consumer digital channel coupled with other exciting developments such as our strengthening financial position has put MoneyGram on a strong trajectory.”
A close focus on the quarter
MoneyGram reported an all-time high in transactions with 77% YoY growth when it came to the digital receives. In other words, the growth-represented areas such as cards send directly to accounts and mobile wallets.
Reports indicate the digital receives in India edging closer to 50% of total transactions. The figure represents a 10% rise from what was reported two years ago. The other thing co0ming to the limelight has to do with the surge in demand for mobile wallets and real-time payments. MoneyGram seems confident; outlining that it got what it takes to capture the growth along the line mentioned above and thrive.
Holmes says they are happy about their position and growth opportunities, outlining that matters look great in the cross-border P2P market.