MoneyGram International Inc. (MGI - Free Report) customers residing in Mexico now will be able to avail the facility of receiving money sent to them from across the world from thousands of new locations. The facilities of the leading global provider of money transfer and payment services are now available at around 17,000 OXXO convenience stores in Mexico. Consumers can pick up to 2,000 pesos in cash at the stores. Additional money of up to 11,600 pesos, can be sent to a bank account from any OXXO location or use Saldazo, which is a debit card branded by OXXO and CitiBanamex.
With this deal, both MoneyGram and OXXO intend to provide fast, convenient and easy ways to manage funds to their customers. In fact, now Mexicans can visit their nearest OXXO store to pick up money. This initiative will help MoneyGram to strengthen its position in the market as well as expand its portfolio.
OXXO, a leading convenience store chain in Mexico, would be able to provide enhanced services to customer consequently enriching their experience.
Remittances are undoubtedly one of the biggest sources of foreign income for Mexico. According to the World Bank, the country got above $30 billion last year through remittances.
MoneyGram, which is known for connecting customers financially, has been witnessing a consistent rise in its revenues from its digital/self-service. It is constantly coming up with innovative products to diversify its product offerings that are convenient for customers to carry on with their money transfer. The company has recently tied up with GCash in the Philippines to enable customers to send money to GCash mobile wallets. This would boost its digital channels in the world's third largest remittances receive market further. MoneyGram have also extended its collaboration with Grupo Elektra to provide money transfer services inside around 2,000 Elektra locations in Mexico through 2021.
Moreover, MoneyGram is constantly making efforts to expand across Europe. These endeavors along with the expansion of its digital platform is likely to aid its top-line recover going forward.
Shares of this Zacks Rank #2 (Buy) company have lost 65.9% in a year's time, compared with its industry’s decline of 4%.
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Investors looking for other impressive stocks in the same sector might also get interested in On Deck Capital, Inc. (ONDK - Free Report) , Aflac Incorporated (AFL - Free Report) and ProAssurance Corporation (PRA - Free Report) .
On Deck Capital operates an online platform for small business lending in the United States, Canada, and Australia. It sports a Zacks Rank #1 (Strong Buy). The company has managed to deliver positive results in three of the four trailing quarters, with an average positive surprise of 58.34%. You can see the complete list of today’s Zacks #1 Rank stocks here.
Aflac provides voluntary supplemental health and life insurance products. With a Zacks Rank of 2, it recorded a trailing four quarter surprise of 6.40%.
ProAssurance provides property and casualty insurance, and reinsurance products in the United States. It has a Zacks Rank of 2 and delivered an average positive surprise of 8.26% in two of the trailing four quarters.
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