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MoneyGram expands digital service to five countries

An international payments provider, MoneyGram, has announced the expansion of its digital platform to five new countries.

According to its operator, the service is now available in Australia, Austria, Belgium, the Netherlands and Portugal.

“With the expansion, customers in these countries can now send money 24/7 directly to more than two billion bank accounts and mobile wallets or to any MoneyGram location in more than 200 countries and territories,” it stated.

The MoneyGram’s Chairman and Chief Executive Officer, Alex Holmes, was quoted as saying that the move was to provide customers of the brand with more options in an ever evolving tech-driven world.

“Innovative technology is changing the way we meet our customers’ financial needs. In 2018 and beyond, MoneyGram will continue to accelerate our digital expansion around the globe. We want to give MoneyGram customers more choice when they use money transfer services and to ensure we are well positioned to compete in today’s fast-paced world,” Holmes said.

According to a World Bank’s Findex report, digital payments are on the rise. Between 2014 and 2017, the share of adults around the world making or receiving digital payments has increased by 11 per cent, to reach 52 per cent.

The statement also indicated that MoneyGram’s investment into new digital platforms was delivering tangible results. For instance, it stated that in the first quarter of 2018, digital revenue represented 16 per cent of total money transfer revenue.

It added, “At the same time, revenue grew 21 per cent primarily from new customer acquisitions following the successful launch in Spain and France.”

It listed some of the features of MoneyGram online as the ability to find a convenient location, check the status of transactions, and estimate online and offline transfer fees.

“The platform is now available to customers in the US, the UK, Germany, France, Spain, Australia, the Netherlands, Belgium, Portugal and Austria,” it added.