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Transactions for the remittance firm’s online business, MoneyGram Online (MGO), exploded 100% year over year (YoY) in Q4, with the metric’s revenues growing 103% YoY—marking a slight deceleration from Q3 2020, when MGO’s transactions and revenues grew 111% and 114% YoY, respectively.
MoneyGram attributes its digital growth to strong consumer demand for the MoneyGram app, as well as high customer retention rates. Further, the company said that digital transactions accounted for 28% of all money transfers during Q4, up slightly from Q3 when it made up 27% of all transfers.
MoneyGram’s total money transfer revenues, which include in-person and digital remittances, reached $298.1 million, growing 2% YoY on a constant currency basis. This is down from the prior quarter but a major improvement from Q2, at the onset of the pandemic, when it plunged 9% YoY.
In Q4, MoneyGram’s overall business was driven up by its digital business arm—and Insider Intelligence believes that key partnerships forged in the period could propel it even further in the future.
MoneyGram’s digital arm continues to uplift its overall business, which has been slow to grow. The firm’s overall business felt the impacts of the …read more
Source:: Businessinsider – Finance