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MoneyGram (MGI) Launches New Service for Business Customers
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MoneyGram International, Inc. announced the launch of 'MoneyGram as a Service‘. This new business line enables other companies to access MoneyGram’s leading global money transfer network through its powerful API-driven infrastructure and best-in-class technology.
With this service, enterprise customers will be able to use MonayGram’s core capabilities as productized service offerings to meet their various business needs and quickly add services and scale. A productized service offering is a specially ‘done for you’ solution.
This endeavor by MoneyGram is in sync with its strategy of digital transformation of its business. With this new business line, the company will be able to enter a market estimated to be $17 billion in 2024 with a CAGR of about 24% over the forecast period.
MoneyGram will be providing this new service to Emergent Technology Ltd. with whom it has partnered. Emergent Technology is the owner and operator of the G-Coin digital token. MoneyGram’s new service will enable quick and easy cash funding and payout of the purchase and sale of digital gold.
MoneyGram will be providing consumers of Emergent Technology expanded access to G-Coin tokens at thousands of new point-of-sale locations. G-Coin makes it possible for individuals to own fractions of a Responsible Gold kilobar to save, send, or spend gold like fiat currencies. G-Coin's digital innovation combined with MoneyGram's unique global platform will make digital assets more accessible to millions of consumers.
The partnership with MoneyGram will help to bring digital assets into mainstream financial services. It will help transition from cash-based to fully digital financial systems to reach global markets.
MoneyGram and G-Coin integration will result in increased financial inclusion. It will provide customers who previously had few opportunities to own and utilize gold, with a fast and easy way to purchase or sell the digital gold token in cash.
The service will likely be made available in select MoneyGram locations across the United States beginning in April, with plans to expand to international markets later in 2021.
Following the COVID-19 outbreak, the company’s digital transactions gained an added impetus as more customers opted for digital channels to make their payments. This was clearly evident in the fourth quarter of 2020, which reflected the successful digital transformation journey of MoneyGram.
A robust digital arm bodes well for MoneyGram as its revenues have been declining since 2017 through 2020. Revenues are also persistently affected by a higher compliance control strategy and stiff competition.
The company began laying the groundwork for its digital transformation four years ago to embrace the rapid changes brought about with the expansion of technology in the remittance industry. Its consumer direct channel MGO is the largest component of its overall digital business and a steady catalyst for customer acquisitions.
Via its digital business, the company is exploring new geographies and continuously wooing a completely new customer base.
With several fintech players, such as PayPal Holdings, Inc. (PYPL - Free Report) , Square, Inc. (SQ - Free Report) and others offering similar services at affordable rates, competition for MoneyGram has naturally intensified over the years. Its close peer Western Union Co. (WU - Free Report) is also facing the same rivalry and has been pursuing technological investments to stay ahead in the race.
Year to date, the stock has risen 8.14% compared with its industry’s growth of 5.3%.
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
You know this company from its past glory days, but few would expect that it’s poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.
Image: Bigstock
MoneyGram (MGI) Launches New Service for Business Customers
MoneyGram International, Inc. announced the launch of 'MoneyGram as a Service‘. This new business line enables other companies to access MoneyGram’s leading global money transfer network through its powerful API-driven infrastructure and best-in-class technology.
With this service, enterprise customers will be able to use MonayGram’s core capabilities as productized service offerings to meet their various business needs and quickly add services and scale. A productized service offering is a specially ‘done for you’ solution.
This endeavor by MoneyGram is in sync with its strategy of digital transformation of its business. With this new business line, the company will be able to enter a market estimated to be $17 billion in 2024 with a CAGR of about 24% over the forecast period.
MoneyGram will be providing this new service to Emergent Technology Ltd. with whom it has partnered. Emergent Technology is the owner and operator of the G-Coin digital token. MoneyGram’s new service will enable quick and easy cash funding and payout of the purchase and sale of digital gold.
MoneyGram will be providing consumers of Emergent Technology expanded access to G-Coin tokens at thousands of new point-of-sale locations. G-Coin makes it possible for individuals to own fractions of a Responsible Gold kilobar to save, send, or spend gold like fiat currencies. G-Coin's digital innovation combined with MoneyGram's unique global platform will make digital assets more accessible to millions of consumers.
The partnership with MoneyGram will help to bring digital assets into mainstream financial services. It will help transition from cash-based to fully digital financial systems to reach global markets.
MoneyGram and G-Coin integration will result in increased financial inclusion. It will provide customers who previously had few opportunities to own and utilize gold, with a fast and easy way to purchase or sell the digital gold token in cash.
The service will likely be made available in select MoneyGram locations across the United States beginning in April, with plans to expand to international markets later in 2021.
Following the COVID-19 outbreak, the company’s digital transactions gained an added impetus as more customers opted for digital channels to make their payments. This was clearly evident in the fourth quarter of 2020, which reflected the successful digital transformation journey of MoneyGram.
A robust digital arm bodes well for MoneyGram as its revenues have been declining since 2017 through 2020. Revenues are also persistently affected by a higher compliance control strategy and stiff competition.
The company began laying the groundwork for its digital transformation four years ago to embrace the rapid changes brought about with the expansion of technology in the remittance industry. Its consumer direct channel MGO is the largest component of its overall digital business and a steady catalyst for customer acquisitions.
Via its digital business, the company is exploring new geographies and continuously wooing a completely new customer base.
With several fintech players, such as PayPal Holdings, Inc. (PYPL - Free Report) , Square, Inc. (SQ - Free Report) and others offering similar services at affordable rates, competition for MoneyGram has naturally intensified over the years. Its close peer Western Union Co. (WU - Free Report) is also facing the same rivalry and has been pursuing technological investments to stay ahead in the race.
Year to date, the stock has risen 8.14% compared with its industry’s growth of 5.3%.
MoneyGram currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Zacks Names “Single Best Pick to Double”
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
You know this company from its past glory days, but few would expect that it’s poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>