Digital Transactions Authoritative, insightful and timely information for payments professionals
Wire-transfer provider MoneyGram International Inc. once again is expanding to more markets. This time, the company announced Monday, consumers in Ireland, Poland, Sweden, Norway, and Denmark are the latest to have access to the company’s online platform.
MoneyGram’s online service is now available in 15 nations. In July, it expanded into Australia, the Netherlands, Belgium, Portugal, and Austria. The online money-transfer service enables consumers to send money to more than 2 billion bank accounts and mobile wallets or to a MoneyGram location. The service also is available in the United States, Germany, France, Spain, and the United Kingdom.
Increasing the availability of its online service internationally is one element of Dallas-based MoneyGram’s initiative to grow its share of digital remittances.
“As you know, the digital remittance market continues to grow. In fact, some analysts estimate that digital remittances will total $300 billion by 2021,” W. Alexander Holmes, MoneyGram chief executive, said during the company’s second-quarter earnings call earlier this month.
“As such, we continue to invest in the ability to better facilitate digital transactions by building a more customer-centric mobile app and improving our Web site through additional features and functionality,” Holmes said. “These investments are already paying off as our data shows that online customers are transacting more frequently, and we’re excited to announce that digital revenue represented 16% of total revenue in the quarter.”
MoneyGram also announced earlier this month that a new agreement with Visa Inc. enables consumers to receive funds directly into their bank account or to a Visa prepaid card via Visa Direct. Holmes said this is the first instance of Visa Direct in a cross-border use case.
