MoneyGram recorded 100% growth compared to 2019 usage

The global money transfer platform, MoneyGram, recently released year-on-year growth figures, which show double the number of transactions made in May 2019

MoneyGram ended the first quarter of 2020 with 57% growth in digital transactions, according to a statement on June 9, the company saw activity increase another 43% at the end of May.

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MoneyGram’s partnership with Ripple
Blockchain-based money transfer company Ripple reached an agreement with MoneyGram in June 2019, investing $50 million in the MoneyGram platform, the partnership made the digital money transfer platform capable of leveraging Ripple’s xRapid technology.

In February 2020, using Visa’s technology, MoneyGram introduced its users to real-time money transfers. However, it is said that Ripple had nothing to do with the news.

MoneyGram’s May 2020 figures showed 107% more transactions than the previous year for its customer-oriented product, the statement details, with customers using mobile devices in over 80% of those transfers.

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Deposits and use of mobile devices increased
The money transfer platform saw more users depositing money as well as sending money through the use of the mobile wallet, representing a total growth of 156% for both categories combined in May, the statement said.

Certain regions saw higher individual numbers, in the Philippines, for example, MoneyGram’s mobile wallet usage increased by 200% from May 2019.

MoneyGram CEO Alex Holmes said in the statement:

„The growth of our digital business in May is particularly noteworthy as we not only increased our active digital customer base, but also continue to see these new digital customers return and transact more frequently due to our seamless customer experience and our global platform.
In early June, the financial services company, Western Union, submitted an offer to purchase MoneyGram.

Cointelegraph contacted MoneyGram for additional details, but received no response at the time of publication; this article will be updated as a response arrives.