MoneyGram International Inc. (MGI - Free Report) recently announced its collaboration with the Kroger Family of Stores, which would allow customers to have a convenient access to MoneyGram bill pay at more than 1,900 Money Services counters across Kroger, Fry's, King Soopers, Smith's and Fred Meyer locations.
Kroger being one of the most preferred shopping destinations in the United States, is the right choice for this partnership, providing people with more options during bill clearance. With this deal, the customers can now send payments to more than 13000 billers at the local market. This would allow them to handle their daily financial needs from the place where they shop, which is extremely feasible and easy. They now have cash options to pay for their car loans, rents, insurances and bills at any of MoneyGram's partner locations in the United States or online at moneygram.com.
The tie-up with the largest grocery store retailer in the United States is a step toward MoneyGram’s strategy to capitalize on its solid physical network and cater to its core customers, who still depend on cash transactions. MoneyGram has been providing reliable and affordable financial solutions to millions of unbanked and under-banked in the United States for more than 70 years.
Revenues from the company’s digital or self-service have been rising since 2015 through the first nine months of 2018. Its investment in innovative products and services, particularly Digital/Self-Service solutions such as moneygram.com, mobile solutions, account deposit and kiosk-based services help enhance revenue growth and diversify its product offerings.
Moneygram.com product platform will soon be live across 25 countries. The company’s expansion of its digital platform through wallets and account deposits is part of its strategic plan. It is also working to improve its mobile app and many corresponding programs, a combination, which will upgrade its digital capabilities. These investments will make the company a digitally enabled customer-centric organization.
Shares of this Zacks Rank #3 (Hold) have tumbled 85.8% in a year’s time, wider than its industry’s decline of 28.5%.
Stocks That Warrant a Look
Some better-ranked stocks from the same sector deserving a glance are On Deck Capital, Inc. (ONDK - Free Report) , American Express Company (AXP - Free Report) and Euronet Worldwide, Inc. (EEFT - Free Report) .
On Deck Capitaloperates as an online platform for small business lending in the United States, Canada and Australia. The company has managed to come up with positive results in three of the trailing four reported quarters, the average beat being 109.47%. The stock sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
American Express provides charge and credit payment card products and travel-related services to consumers and businesses. It managed to pull off average four-quarter earnings surprise of 4.39%. The company carries a Zacks Rank #2 (Buy).
Euronet Worldwide, Inc. offers payment and transaction processing plus distribution solutions to financial institutions, retailers, service providers and individual consumers worldwide. The company has a Zacks Rank of 2 and delivered average trailing four-quarter beat of 0.94%.
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