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MoneyGram International, Inc. (NASDAQ:MGI) ("MoneyGram" or the "Company"), a global leader in the evolution of digital P2P payments, today announced the launch of MoneyGram Online ("MGO") in Brazil. Consumers can now use the Company's leading website to send funds from Brazil in near real-time to family and friends around the world. Recipients can receive money through the Company's suite of options designed to meet their unique needs, such as account deposit, mobile wallet, and cash pick-up from retail locations. MoneyGram is launching this service with zero transaction fees for consumers.
"As we continue to execute our strategy to grow and expand MoneyGram Online geographically, I am thrilled to announce that our website is now officially live in Brazil," said Alex Holmes, MoneyGram Chairman and CEO. "We are extremely proud of the immersive online platform we've built for customers around the world, and our sustained digital growth globally demonstrates that consumers truly value our leading user experience. We're confident that this launch will enable us to capture growth from new customer segments, deepen relationships with established customers and create tremendous value for years to come."
MoneyGram already has a leading presence in Brazil with over 1,000 retail locations throughout the country that have enabled consumers to send money abroad for the past 25 years. The Company is committed to continuing to meet ever-changing consumer needs, and as demand has increasingly shifted online, MoneyGram now enables consumers in Brazil to send money on-the-go or from the comfort of their own homes.
According to the World Bank, outbound remittances from Latin America have been steadily increasing in recent years.1 In Brazil, immigration flow has increased 24% in the past 10 years, reaching 1 million immigrants in the country in 2022.2 As demand for digital solutions increases in the country, the Brazilian digital remittances segment is projected to grow by nearly 10% in the next five years.3
Holmes added: "This is a significant growth opportunity for MoneyGram to capture market share in a country with one of the largest populations in the world. As we approach the start of the new year, we're set up for success."
This new service is made possible through MoneyGram's partnership with Frente Corretora, a leading financial technology company in Brazil.
Posted In: MGI
