MoneyGram Sees 100% Growth Against 2019 Usage

Published at: June 9, 2020

Global money transfer platform MoneyGram recently unveiled year-over-year growth numbers, showing double the number of transactions seen in May 2019. 

MoneyGram ended Q1 2020 with 57% growth in digital transactions, a June 9 statement from the company said. The firm saw activity ramp up another 43% by May's end. 

MoneyGram's partnership with Ripple

Blockchain-based money-transfer company Ripple entered a deal with MoneyGram in June 2019, investing $50 million into the MoneyGram's platform. The partnership saw the digital money transfer platform able to harness Ripple's xRapid technology.

In February 2020, calling on Visa's technology, MoneyGram unveiled real-time money transfers. Ripple reportedly had no hand in the news, however.

MoneyGram's May 2020 numbers showed 107% more transactions than the previous year for its customer-facing product, the statement detailed. Customers used mobile gadgets for more than 80% of those transfers. 

Deposits and mobile usage saw an uptick

The money moving platform saw more users deposit money, as well send via mobile wallet usage, totalling 156% growth for both categories combined in May, the statement noted.

Certain regions tallied higher individual numbers. The Philippines, for example, saw 200% more MoneyGram mobile wallet usage than May 2019. 

MoneyGram CEO Alex Holmes said in the statement:

"Our digital business growth in May is particularly notable as we not only increased our active digital customer base, but also continued to see these new digital customers return and transact more frequently due to our seamless customer experience and global platform."

In early June, financial services company Western Union reportedly put up a bid to buy MoneyGram. 

Cointelegraph reached out to MoneyGram for additional details, but received no response as of press time. This article will be updated accordingly should a response come in. 

Tags
Technology
Payments
Ripple
Remittances
Money Transfers
Moneygram
Mobile Payment
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