MoneyGram (MGI) Revamps Web Platform, Invests in Technology
MoneyGram International, Inc. MGI has launched its redesigned online platform in the United States, named MoneyGram.com. The revamped platform is more customer centric, efficient, has personalization options and other convenient features, which would provide a seamless service to its customers.
MoneyGram’s digital platform is well equipped to send money anytime to over two billion bank accounts and mobile wallets or to any MoneyGram location in more than 200 countries and territories.
The MoneyGram.com platform is simple and easy to navigate. It offers users the ability to find a location, send money online and check the status of transactions. Also, they can easily repeat a transaction with just a few clicks. The redesigned website provides easier access to estimated transfer fees, increasing transparency and ease-of-use for money transfer planning.
Recently, the company also launched its mobile app with features like biometric identification, location finder, transfer tracking and exchange rates and fee estimates.. The app and the online platform are available in 24 countries and in the second quarter, its non-U.S. online transaction growth was more than 100% year over year.
Through its digital business, the company is entering new markets with disruptive introductory pricing. It has lowered prices in its legacy markets, which will result in revenue growth headwinds, but it continue to attract a completely new customer base for the MoneyGram brand.
The company is focused on one of its main growth strategy of digital expansion, as the remittance industry is facing rapid change with the proliferation of technology and several fintech players such as PayPal Holdings, Inc. PYPL, Square Inc SQ and others offering similar services at very affordable rates, thus intensifying competition. Peer Western Union Co. WU has been pursuing technological investments after facing the same ordeal.
Recently, Moneygram entered into a pact with Ripple, the provider of solutions for global payments on blockchain technology.
The deal will allow MoneyGram to leverage Ripple’s product named XRapid in effectuating cross-border payments. The same will be done at lower cost and higher speed by the use of RippleNet, a network of more than 200 banks and payment providers, which makes it easy to connect and transact across the world.
Year to date, the stock has gained 63% compared with the industry’s growth of 21%.
Moneygram currently carries a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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