MoneyGram International Inc. (MGI - Free Report) has announced the expansion of its loyalty program, MoneyGram Plus Rewards, to customers in France, Italy, Germany and Spain through its expanding digital platform.
MoneyGram’s customers, completing money transfer transactions via its website or app, can avail discounts by simply enrolling in the free program. The program provides 20% off on the second money transfer fee. Then, as a recurring reward, members receive 40% off the fee after every fifth money transfer along with special member-only offers and promotions.
This loyalty program is an extension of MoneyGram’s digital transformation. The company has recently migrated its global loyalty platform to Oracle Revenue Management and Billing (ORMB), an industry-leading solution that reduces costs, improves customer service and delivers greater functionality. With ORMB, MoneyGram can offer a seamless loyalty program that allows for pricing discounts in any currency.
MoneyGram also partnered with Metropolitan Bank Holding Corp. to launch a new debit card deposit service designed to simplify deposit, withdrawal and exchange services for their customers. The deal will help MoneyGram offer its customers another mode of accessing the banking system through transactions that are efficient, reliable and convenient.
The company has been increasingly signing pacts and deals with banks, retailers and crypto currencies to expand its business. MoneyGram’s business suffered in 2018 and revenues were under pressure in the first half of 2019 as well given intense competition and high compliance related costs. The company has taken several steps to regain its profitability. To this effect, it recently joined forces with Ripple, which has made an equity investment of $30 million in the company. This agreement will help the company to grow its Global Funds Transfer segment, which is its primary revenue driver.
MoneyGram is also investing in its digital platform. Recently, the company redesigned its online platform in the United States named MoneyGram.com, and also launched its mobile app. Its app and online platform is available in 24 countries. In the second quarter, its non-U.S. online transaction growth was more than 100% on a year-over-year basis.
We believe the various moves will aid the company’s long term growth. Investors also seem impressed, which has led to a 99% increase in MoneyGram’s share price in the first nine months of 2019, compared with the industry’s growth of 18.4%.
Other stocks in the same space are Fortress Transaportation and Infrastructure Investors LLC (FTAI - Free Report) , FEDNAT HOLDING CO (FNHC - Free Report) and LendingClub Corporation (LC - Free Report) . Each of these stocks have surpassed estimates in the last reported quarter by 71.43%, 90% and 15.8%, respectively.
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