The MoneyGram company, based in Texas, shared it experienced a 207-percent growth rate of digital transactions over the past year.
The General Director of MoneyGram, Alex Holms, noted that the highest growth rates were recorded in July:
Following the successful June report, when the company returned to annual global production, we continued to see an increase in momentum in our business. Our customer-oriented digital transformation gives extremely high results.
Digitization remains the main priority for one of the largest in the world enterprises, that deals with money transactions, which is trying to compete with its fin-tech rivals TransferWise and Remitly.
Conforming to MoneyGram Online and mobile applications, the company plans to increase its share of digital transactions. Last year, they received only 20% of MoneyGram transfer volumes.
In July, in comparison with the last year, MoneyGram transactions grew by 106%. These optimistic indicators led to a rise in the company’s shares by 14%. Later, they fell by 2% since the investment bank Goldman Sachs sold the company’s shares for $6 million.
During the global financial crisis from 2007 to 2009, MoneyGram shares fell by more than 96%. Then Goldman Sachs invested money in MoneyGram in exchange for a share in the company for money transfers.
Now the lion’s share of the company’s operating profits comes from its partner Ripple, which pays for “market development” to increase the liquidity of XRP.
