MoneyGram is showcasing tremendous triple digit increase in its digital cross border payments business as it records continuous nine months transactional growth. Ripple partner has announced that it recorded strong growth in the cross-border transactions with 161 percent growth over the years. It’s e-commerce or direct to customer platform MoneyGram Online has gained staggering growth despite the turbulent impact of the Covid-19 pandemic on the various businesses across industries.
MoneyGram Stays Strong In Ongoing Pandemic
The unsurmountable growth of the Moneygram digital business shows that during the pandemic, the digital platforms have been able to ensure business continuity. The platform boasts of high customer loyalty and retention, along with consistent growth in the account deposit. MoneyGram’s mobile-based app has recorded massive growth with commendable consistency. Moneygram is a leading cross border p2p payments and funds transfer service highly used by customers who live abroad to send money to their family back in their home countries. With service spanning across more than 200 countries, it is one of the largest used platforms. The service now supports digital money transfer in more than 75 countries. The company is now investing its resources to enhance its direct to digital customer business to address the increased need for online transactions, especially in times of pandemic.
Notable Customer Loyalty
The CEO of the company Alex Holmes said that MoneyGram mobile app has tremendous customer loyalty and its user base has grown exponentially in the last few months. The customers have shown a lot of trust in the brand with their payments and also recommending the app to their peers and relatives. The brand has been long associated with money transfers across borders; however, now it focuses on digitalization to ensure that it stays ahead of the competition.
MoneyGram’s Growth Good For Ripple
With partnerships with retail giants like Walmart, it further strengthens its stake in the money transfer arena. Moneygram partnered with Ripple for cross border payments and Forex settlements last year after Ripple bought a 50 Million stake in the company by paying in XRP. MoneyGram’s spectacular growth in the digital payments space would definitely strengthen Ripple.