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MoneyGram (MGI) Partners to Benefit Pay+ Mobile Wallet Users
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MoneyGram International, Inc. recently inked a deal with the leading mobile wallet Pay+ to introduce MoneyGram’s global money transfer services to Pay+ mobile wallet users.
Being a first-to-market development, Pay+ is powered by Ooredoo Oman and the National Bank of Oman (NBO), thereby paving the way for customers across Oman to not only make domestic and global money transfers but also to facilitate deposits, withdrawals and bill payments.
Likely to be effective for consumers starting April 2021, this latest tie-up will enable Pay+ mobile wallet users to make real-time money transfers across MoneyGram’s extensive distribution network, stretching across more than 200 countries and territories.
The mobile and API-driven platform of MoneyGram will give Pay+ an immediate access to MoneyGram’s cross border payments and money transfer services. The same platform is also likely to expand the digital offerings of Pay+. Having said that, this latest strategic move by the company seems time opportune considering the inclination of people in the Middle East toward the usage of mobile apps.
It seems that MoneyGram is making concerted efforts to bolster its digital footprint across the Middle East market. The latest deal not only highlights the company’s efforts to strengthen its Middle East footprint but also reflects its endeavor to expand its digital payment options across one of the largest outbound international remittance markets, which is Oman.
The company’s recent five-year relationship renewal with the well-established telecommunications operator in Qatar, Ooredoo Qatar, also bears testament to its footprint-expansion efforts. Through the renewal, MoneyGram’s customers will continue using Ooredoo Money Wallet for facilitating digital money transfers, globally.
There are a number of reasons for the company’s intensified focus on the Middle East market. A growing demand for contactless payments accelerated by the COVID-19 pandemic, higher smartphone usage by the tech-savvy population and an increased Internet penetration intrigued several digital platforms to penetrate the region. This, in turn, positioned the Middle East digital payments market well for long-term growth.
Shares of MoneyGram have soared 363.5% in a year compared with the industry’s growth of 50.2%.
Moreover, the company has pursued a digital transformation strategy following a constant period of strain on its revenues since 2017. It built a robust digital arm via constant partnerships and technological advancements through which it kept foraying into newer geographies and bolstering its customer base. Its efforts started bearing fruits, evident from its direct-to-consumer digital business MoneyGram Online (MGO), which witnessed the 14th consecutive month of triple-digit cross-border transaction growth in February. Also, the company’s digital transactions now represent 30% of its total money transfer transactions.
Some other companies pursuing technological investments in sustaining their respective positions in the digital payments space are The Western Union Company (WU - Free Report) , PayPal Holdings Inc. (PYPL - Free Report) and Square Inc. (SQ - Free Report) .
Bitcoin, Like the Internet Itself, Could Change Everything
Blockchain and cryptocurrency has sparked one of the most exciting discussion topics of a generation. Some call it the “Internet of Money” and predict it could change the way money works forever. If true, it could do to banks what Netflix did to Blockbuster and Amazon did to Sears. Experts agree we’re still in the early stages of this technology, and as it grows, it will create several investing opportunities.
Zacks’ has just revealed 3 companies that can help investors capitalize on the explosive profit potential of Bitcoin and the other cryptocurrencies with significantly less volatility than buying them directly.
Image: Bigstock
MoneyGram (MGI) Partners to Benefit Pay+ Mobile Wallet Users
MoneyGram International, Inc. recently inked a deal with the leading mobile wallet Pay+ to introduce MoneyGram’s global money transfer services to Pay+ mobile wallet users.
Being a first-to-market development, Pay+ is powered by Ooredoo Oman and the National Bank of Oman (NBO), thereby paving the way for customers across Oman to not only make domestic and global money transfers but also to facilitate deposits, withdrawals and bill payments.
Likely to be effective for consumers starting April 2021, this latest tie-up will enable Pay+ mobile wallet users to make real-time money transfers across MoneyGram’s extensive distribution network, stretching across more than 200 countries and territories.
The mobile and API-driven platform of MoneyGram will give Pay+ an immediate access to MoneyGram’s cross border payments and money transfer services. The same platform is also likely to expand the digital offerings of Pay+. Having said that, this latest strategic move by the company seems time opportune considering the inclination of people in the Middle East toward the usage of mobile apps.
It seems that MoneyGram is making concerted efforts to bolster its digital footprint across the Middle East market. The latest deal not only highlights the company’s efforts to strengthen its Middle East footprint but also reflects its endeavor to expand its digital payment options across one of the largest outbound international remittance markets, which is Oman.
The company’s recent five-year relationship renewal with the well-established telecommunications operator in Qatar, Ooredoo Qatar, also bears testament to its footprint-expansion efforts. Through the renewal, MoneyGram’s customers will continue using Ooredoo Money Wallet for facilitating digital money transfers, globally.
There are a number of reasons for the company’s intensified focus on the Middle East market. A growing demand for contactless payments accelerated by the COVID-19 pandemic, higher smartphone usage by the tech-savvy population and an increased Internet penetration intrigued several digital platforms to penetrate the region. This, in turn, positioned the Middle East digital payments market well for long-term growth.
Shares of MoneyGram have soared 363.5% in a year compared with the industry’s growth of 50.2%.
Moreover, the company has pursued a digital transformation strategy following a constant period of strain on its revenues since 2017. It built a robust digital arm via constant partnerships and technological advancements through which it kept foraying into newer geographies and bolstering its customer base. Its efforts started bearing fruits, evident from its direct-to-consumer digital business MoneyGram Online (MGO), which witnessed the 14th consecutive month of triple-digit cross-border transaction growth in February. Also, the company’s digital transactions now represent 30% of its total money transfer transactions.
Some other companies pursuing technological investments in sustaining their respective positions in the digital payments space are The Western Union Company (WU - Free Report) , PayPal Holdings Inc. (PYPL - Free Report) and Square Inc. (SQ - Free Report) .
MoneyGram currently has a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Bitcoin, Like the Internet Itself, Could Change Everything
Blockchain and cryptocurrency has sparked one of the most exciting discussion topics of a generation. Some call it the “Internet of Money” and predict it could change the way money works forever. If true, it could do to banks what Netflix did to Blockbuster and Amazon did to Sears. Experts agree we’re still in the early stages of this technology, and as it grows, it will create several investing opportunities.
Zacks’ has just revealed 3 companies that can help investors capitalize on the explosive profit potential of Bitcoin and the other cryptocurrencies with significantly less volatility than buying them directly.
See 3 crypto-related stocks now >>