MoneyGram International, Inc. (MGI - Free Report) recently announced its intention to expand its MoneyGram MobilePass service to thousands of U.S. agent locations.
MoneyGram MobilePass is a digital money transfer service designed to improve customer experience by making transactions faster and more convenient. The offering is famous for allowing MoneyGram customers to first initiate a transaction via mobile before completing it in person at any of the company’s locations.
MoneyGram first launched this MobilePass in more than 3,000 U.S. agent locations in 2016 and this expansion makes it available for more than 35,000 locations in the country. This move is an instance of MoneyGram’s channel-agnostic approach to money transfer.
MoneyGram has always been investing in innovative products and services, particularly Digital/Self-Service solutions such as moneygram.com, mobile solutions, account deposit and kiosk-based services that have helped it diversify its product offerings. These efforts have been appreciated by its shareholders. Year to date, the stock has gained 38.8%, outperforming the industry’s rally of just 6%.
MoneyGram has also made its MobilePass app available in English for Apple Inc.’s (AAPL - Free Report) iOS-based devices. For android-based devices, it is available in both English and Spanish. At the 2017 PYMNTS.com Innovation Awards, MoneyGram’s MobilePass was named "Best Cash Innovation" in the industry.
MoneyGram’s management said that innovation is an important part of its business that enables it to fuse digital solutions with a robust physical network of agent locations around the world. This not only provides the company a strong competitive edge but also allows it to improve customers convenience.
Zacks Rank and Stocks to Consider
MoneyGram presently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Some better-ranked stocks in the same space are Moody's Corporation (MCO - Free Report) and Blackhawk Network Holdings, Inc. (HAWK - Free Report) . Both the stocks carry a Zacks Rank #2 (Buy).
Moody's Corp delivered positive earnings surprises in each of the last four quarters with an average beat of 14.1%.
Blackhawk Network delivered positive earnings surprises in two of the last four quarters with an average beat of 56%.
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