MoneyGram International, Inc. (NASDAQ: MGI) continues to expand its leading digital capabilities with entry into two additional strategic markets: Canada and Chile.
MoneyGram Chairman and CEO Alex Holmes said, “Digital expansion continues to be a growth engine for the company. Now that we’re live in 25 countries, we’re seeing accelerated growth as younger users – many of whom have never used MoneyGram before – consistently return to our brand because of positive experiences with our consumer-centric products.”
In Canada, recent census figures show that one in five people are immigrants. These individuals now have enhanced access to the safest, most affordable, and most convenient money transfer service in the country through the recent launch of MoneyGram online and mobile capabilities. MoneyGram also released a new payment feature that enables consumers to stage a transaction online to more quickly pay with cash at any Canada Post location.
“We’re focused on adapting to the changing needs of all Canadians, and this expansion enables us to deliver a better customer experience by providing another level of choice and convenience,” said Grant Lines, Chief Revenue Officer. He added, “Canada is an important market and highlights how the MoneyGram value proposition continues to resonate with consumers who are increasingly using digital channels to send more to family and friends, including those who prefer to receive funds in cash.”
In Chile, a market where remittances have grown over 250% since 2010, MoneyGram launched its mobile staging capabilities that enable customers and agents to more quickly process transactions at the point-of sale. Chile is an important market within South America, and the launch of this new capability will help enable MoneyGram to execute its strategy to accelerate growth in the region.
Mr. Holmes concluded by saying, “As of the end of the first quarter this year, our year-over-year online transactions outside the United States grew over 100% largely due to our expansion into new countries, and I’m excited about the opportunity for Canada and Chile to now contribute to this growth going forward.”
About MoneyGram International, Inc.
MoneyGram is a global leader in omnichannel money transfer and payment services that enables friends and family to safely, affordably, and conveniently send money for life’s daily needs in over 200 countries and territories.
The innovative MoneyGram platform leverages its leading digital and physical network, global financial settlement engine, cloud-based infrastructure with integrated APIs, and its unparalleled compliance program that leads the industry in protecting consumers.
For more information, please visit moneygram.com
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