Consumers can now use the Company's leading website and mobile app to send funds from Chile to family and friends around the world
As digital transactions now account for over 50% of the Company's money transfer business, growth continues to be driven by demand for its direct-to-consumer offering
DALLAS, April 27, 2023 /PRNewswire/ -- MoneyGram International, Inc. (NASDAQ:MGI) ("MoneyGram" or the "Company"), a leading global financial technology company that connects the world's communities, today announced the launch of MoneyGram Online ("MGO") in Chile. Consumers can now use the Company's leading website and mobile app to send funds from Chile to family and friends around the world. MoneyGram is initially launching this service with zero transaction fees for consumers.
"We're thrilled to officially launch MGO in Chile, one of the largest send markets in South America," said Alex Holmes, MoneyGram Chairman and CEO. "As consumer interest in online options and real-time payments continues to accelerate, we're committed to investing in the global expansion of our direct-to-consumer digital offering. After our recent successful launch in Brazil, we are especially excited about our strong momentum in the region."
For the past 25 years, MoneyGram has enabled consumers in Chile to send money globally through its vast network of retail locations throughout the country. A key remittance corridor, Chile's estimated migrant population of 1.5 million sent approximately $762 million abroad in 2021. Now, as demand increasingly shifts online, MoneyGram is addressing the needs of the Chilean market's new and evolving digital consumer through the launch of MGO.
"Through my conversations with customers around the world, I've learned that there is a story behind every money transfer sent to a loved one back home," said Anna Greenwald, MoneyGram Chief Operating Officer. "And with that story, there is also a unique situation that may affect how someone needs to send or receive funds. As we continue to scale our leading website and mobile app, we're proud to empower consumers in Chile to choose the option that best meets their needs."
As announced earlier this week, Seth Ross has been named Chief Digital Officer at MoneyGram, where he will lead the Company's global digital strategy and continued expansion of its direct-to-consumer business. Additionally, MoneyGram announced that digital transactions now account for over 50% of its money transfer business, meeting that goal well ahead of the Company's target date in 2024.
Ross concluded: "As this phenomenal growth has been primarily driven by demand for the Company's industry-leading mobile app – which continues to deliver returns on investment and drive strong customer lifetime value – I'm excited to spearhead our efforts to introduce this service to more and more consumers around the world."
About MoneyGram International, Inc.
MoneyGram International, Inc. is a global financial technology company that enables consumers and businesses to move and manage money in nearly every country around the world. Through its expansive set of fintech offerings, MoneyGram provides millions of consumers annually the ability to seamlessly send money home to family and friends, store money in mobile wallets, and buy, sell and hold cryptocurrencies on its industry-leading app. The Company's innovative cross-border platform enables its customers to send funds directly into bank accounts and mobile wallets or cash-in and cash-out more than 135 currencies and numerous cryptocurrencies through one of the largest cash distribution networks in the world. Modern, mobile and API-driven, MoneyGram's white-labeled remittance service also provides some of the world's top brands and organizations the ability to disburse funds directly to their consumer clients. Based in Dallas and known for its strong corporate culture globally, MoneyGram has been named a recipient of the Top Workplaces USA award for two consecutive years, an honor based entirely on employee feedback.
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SOURCE MoneyGram