Digital Transactions Authoritative, insightful and timely information for payments professionals
MoneyGram International Inc. said its money-transfer business generated revenue of $304.9 million in the second quarter, a 20% increase from $253.1 million in the year-ago quarter. Transaction growth for the segment increased 20%, too. A full 33% of these transactions were digital, the Dallas-based payments company reported. That’s up from 27% in the 2020 second quarter.
MoneyGram said its MoneyGram Online direct-to-consumer digital channel had revenue of $47 million in the quarter, a 66% year-over-year increase. And active cross-border customer growth increased 54%, though MoneyGram did not release absolute numbers. Its overall digital business, which includes MoneyGram Online, grew revenue 47% year-over-year to $67.9 million.
MoneyGram took another digital step in the quarter with its May announcement that it and Coinme Inc., a cryptocurrency exchange, would jointly offer a service to enable consumers to purchase Bitcoin with cash and withdraw Bitcoin value in cash at select U.S. MoneyGram locations.
Overall, MoneyGram’s second-quarter revenue of $329.3 million is a 17.6% increase from $280 million in in 2020. The company’s net loss broadened to $11.1 million from $4.6 million for the same period last year.
