MoneyGram’s Growth Increases Two Times Compared to Same Period Last Year

MoneyGram’s performance in May 2020 is better than the performance for May 2019. The money transfer company began a partnership with Ripple in June 2019.

MoneyGram, a worldwide money transfer agency, has revealed how it performed in the Month of May for 2019 and 2020. The numbers show that 2020 is two times better than the previous year.

In the first quarter of 2020, MoneyGram recorded a growth of 57%. By the end of May, in Q2, Money Gram had already grown by 43%.

MoneyGram works together with Ripple

In June 2019, cryptocurrency transfer company, Ripple, invested up to $50 million into MoneyGram. With this partnership, MoneyGram was able to use xRapid technology belonging to Ripple.

In February 2020, MoneyGram went a step further to partner with Visa. Visa lent it its technology which ensured faster money transfers for MoneyGram.

The improvement in the numbers of May 2020 compared to May 2019 is clearly as a result of these partnerships. Up to 80% more transfers was recorded because of the phone transfer feature that was included.

More deposits and mobile usage

In depositing funds and using mobile transfers, the company recorded a growth of 156% in May.

In some regions, the performance was even better. For instance, The Philippines recorded three times more mobile wallet usage in May 2020 than in May 2019.

The CEO of MoneyGram, Alex Holmes, said:

“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.”

However, in the first week of June, Western Union offered some money to buy MoneyGram. MoneyGram is yet to reveal more information about this so there is something to anticipate, either a yes or no, as events unfold.

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