MoneyGram International, Inc. (MGI - Free Report) has announced its partnership with GCash through which, users across the globe can send money 24/7 to over 10 million GCash mobile wallets in The Philippines. This followed MoneyGram’s launch of a direct receive service with which, users can send money to above two billion bank accounts and mobile wallets to any MoneyGram location in more than 200 countries and territories.
With this collaboration, funds can be sent through MoneyGram online to be received by GCash mobile purse in a few minutes. Fund would get deposited in the mobile wallet in the Philippine Peso. The receiver will get notification for every incoming transaction and would be instantly able to use the money for purchases.
The company expects to help the increasing number of Overseas Filipino Workers (OFWs), who are constantly looking for a trustworthy way to send funds to their families with this tie-up. The efficient expansion of MoneyGram’s digital platform along with a solid network of agent locations is enabling the company to offer a better, cost-effective and an enriched experience to its customers. The deal would further boost its digital channels in the third largest remittances receive market.
The global provider of innovative money transfer is constantly working on its digital segment, which has been the fastest growing segment of the parent company. Revenues from the same have been rising since 2013. Earlier this year, the company teamed up with Ripple to modernize payments for its users. In April 2018, the company also partnered with Walmart to launch Walmart2World, a money transfer service that allows clients to send money from Walmart in the United States to any MoneyGram location across 200 countries.
Global digital reach is catching up fast with the proliferation of technology.. Companies in the payments spaceare constantly expanding their digital reach to cope with the surging demand of customers. Recently, one if its peers, The Western Union Company (WU - Free Report) , announced its plans to grow in more than 200 countries and territories with a complete focus on the mobile channel. Western Union Digital, with its expertise in providing sophisticated cross-border and cross-currency platform, offers 24/7 digital services across the prime regional economic hubs of Asia, Latin America and the Middle East to billions of user bank accounts.
Other companies such as Visa Inc. (V - Free Report) ) and Mastercard Incorporated (MA - Free Report) have also made investments this year in ramping up their global digital reach.
Shares of MoneyGram have plunged nearly 60% in a year’s time, wider than its industry’s decline of 4.9%. The stock carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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