MoneyGram, in which Ripple company announced its cooperation recently, announced the revenue and transaction volume growth rates experienced in October in the MGO service. MoneyGram announced that it has grown more than 100% for the 10th time this year with the latest data. MoneyGram shares listed on Nasdaq also took off.
In a press release published on PR Newswire, the global money sending platform MoneyGram announced another important milestone after its cooperation with Ripple. MoneyGram, a peer-to-peer (P2P) payment platform, announced a 150% growth in direct-to-consumer digital business (MGO) service, revenue and transaction volumes. MGO developed by MoneyGram; It is a mobile application that provides cash transfer service directly to the family, friends or anyone of the users via smart phones.
With this 150% growth, which reveals the data in October, MoneyGram reached a triple-digit growth rate for the tenth time in a row in 2020. As explained in the press release, Ripple’s investments in MoneyGram played an important role in the success achieved. It was also added that behind the rapid rise of MoneyGram, the increasing number of users and the strong demand for the company’s MGO application were added.
Digital transactions are more important than ever
MoneyGram CEO and co-founder Alex Holmes emphasized that digital transactions are now more important than ever. The coronavirus epidemic, which had a global impact on the economy in 2020, caused many small and medium-sized businesses to go bankrupt; many people have fallen into the grip of unemployment. So much so that the unemployment figures in the USA even exceeded the figures seen during the Great Depression. Digital payments was one of the most popular and profitable sectors that benefited the maximum from this process.
In this process, the shares of MoneyGram, which improves its services with Ripple’s financial and reputation support and increases the rate of customer retention, also flew. MoneyGram shares were traded on Nasdaq at $ 6.35 on November 10, rising more than 100% within a month.