PARIS and MADRID, Jan. 24, 2018 /PRNewswire/ — MoneyGram (NASDAQ: MGI) announced today that its award-winning innovative digital channel, MoneyGram.com, is now available to customers sending money from France and Spain. MoneyGram.com enables customers to stay financially connected with their loved ones in over 200 countries and territories with just a few clicks on a mobile device or a tablet.
In the third quarter of 2017, MoneyGram’s digital business reached its previously stated goal of 15% of total money transfer revenue. MoneyGram.com grew 23% from last year fueled by new customer acquisitions. The company continues to build on this momentum with the expansion of online services to other European markets beyond the UKand Germany.
“With nearly 60% of European internet users utilizing online services to perform transactions, we see the growing potential of digital money transfer channels. The launch of MoneyGram.com in France and Spain is a part of MoneyGram’s strategy to offer our customers convenient options to send money their way,” said Grant Lines, Chief Revenue Officer of MoneyGram.
MoneyGram.com enables customers to send money for cash pickup as well as to 2.4 billion bank, mobile and virtual accounts in 48 countries worldwide. The website, available in English/Spanish and English/French, offers features such as the ability to find a convenient location, check the status of transactions, and estimate online and offline transfer fees.
Spain and France are typically considered as “send” countries for money transfers with $16.5 billion and $20.7 billionoutflows in 2016, respectively. According to World Bank data, key countries receiving remittances from France include Belgium ($2.8 billion), Morocco ($2.1 billion), Algeria ($1.6 billion), Portugal ($1.3 billion), and Tunisia ($1.1 billion). Money transferred from Spain reached France ($2.7 billion), Morocco ($1.7 billion), China ($1.0 billion), Ecuador ($992 million), Germany ($943 million), Romania ($806 million), Colombia ($731 million) and Nigeria ($706 million).
About MoneyGram International
MoneyGram is a global provider of innovative money transfer and payment services and is recognized worldwide as a financial connection to friends and family. Whether online, or through a mobile device, at a kiosk or in a local store, we connect consumers any way that is convenient for them. We also provide bill payment services, issue money orders and process official checks in select markets. More information about MoneyGram International, Inc. is available at MoneyGram.com.
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This press release contains forward‐looking statements, which may include projections of future results of operations, financial condition or business prospects. Actual results of operations, financial condition or business prospects may differ from those expressed or implied in these forward‐looking statements for a variety of reasons, including but not limited to market demand, global economic conditions, adverse industry conditions, legal proceedings, the ability to effectively identify and enter into new markets, governmental regulation, the ability to retain management and other personnel, and other economic, business or competitive factors. Additional information concerning factors that could cause results to differ materially from those in the forward-looking statements is contained from time to time in MoneyGram’s SEC filings. The forward‐looking statements in this release reflect the current belief of MoneyGram as of the date of this release. MoneyGram undertakes no obligation to update these forward‐looking statements for events or circumstances that occur subsequent to such date.