Mobile Payments Today
MoneyGram International Inc. reports digital transactions grew by 100% in the month of May, on a year-over-year basis, as the COVID-19 pandemic prompted consumers to embrace mobile payment options.
The percentage increase contrasts with first quarter figures, when MoneyGram reported a 57% increase in digital transactions, according to a press release.
“I’m excited to report that strong digital growth continued to accelerate in May, highlighting yet again the incredible progress we’ve made as an organization to focus on our strategy to lead the industry in digitizing the movement of money,” Alex Holmes, MoneyGram CEO and chairman, said in the release. “Our digital business growth in May is particularly notable as we not only increased our active digital customer base, but also continued to see these new digital customers return and transact more frequently due to our seamless customer experience and global platform.”
MoneyGram reported the following metrics during May:
- MoneyGram Online, the company’s direct-to-consumer channel, rose by 107% in May, compared with the year-ago period. More than 80% of transactions were completed on a mobile device.
- Digital partnerships, led by Asia Pacific and Middle East partnerships, rose from 67% in April to 92% in May.
- Account deposit and mobile wallet transactions grew 156% in May, which compares with 80% growth during the first quarter. Growth was driven by markets like the Philippines, where mobile wallet use is up 200%
Interested in learning more about the accelerated shift towards eCommerce?
COVID-19 has disrupted consumer spending habits. As the landscape changes, the rise in eCommerce has accelerated the shift of sales volume away from brick-and-mortar.
As the payments industry looks to adapt to this ‘new normal’, TSG has prepared an infographic covering recent trends and explores how certain payments industry players, such as gateways, are critical to the shift to eCommerce.