DALLAS, Dec. 16, 2021 /PRNewswire/ -- MoneyGram
International, Inc. (NASDAQ: MGI), a global leader in the evolution
of digital P2P payments, today announced the results of a consumer
survey that provides notable insights into current cross-border
money transfer flows going into the New Year. Results showed that
as the needs of family and friends abroad continue to increase,
81% of respondents are planning to send at least as much
money in 2022 as they did this year.
Approximately 83% of respondents reported an increase in
the financial needs of family and friends abroad this year, marking
the second consecutive year of this upsurge. The survey found that
consumers primarily are sending money cross-border to cover the
cost of essential needs for loved ones. Nearly three-quarters
(73%) reported that those abroad have needed more money for
food this year, followed by healthcare (59%) and housing
(54%). According to the results, the healthcare needs of
loved ones abroad increased in the past year, jumping to the second
most important factor impacting decisions to transfer funds. When
asked who respondents were sending to this year, the top recipients
were siblings (42%), friends (40%) and moms
(28%).
"These results underscore our customers' resilience and
determination to support family and friends in times of need, as
well as the importance of our essential services in providing
critical lifelines," said Alex
Holmes, MoneyGram Chairman and CEO. "As an organization, we
are committed to continuing to make it easier and more cost
effective for our customers to send money home. Thanks to our lower
cost structure and digital transformation, we're able to offer
affordable rates that average less than 3% of transaction values,
significantly lower than the industry average reported by the World
Bank."
The results also tap into a major shift to digital in
cross-border money transfers, with 63% of respondents
indicating that they've used more apps and digital tools this year
than in previous years.
"The pandemic helped accelerate a major digital shift in 2020,
and that momentum has clearly continued throughout this year,"
Holmes continued. "Consumers are increasingly valuing our
digital-first strategy, and we are continuing to invest in product
innovation to further address the evolving needs of consumers. In
the coming year, you will see us go deeper and wider in our
direct-to-consumer digital offerings."
After launching a number of partnerships focused on digital
assets and crypto currencies this past year, MoneyGram also found
that of those survey respondents who had bought or sold
cryptocurrencies in 2021, the vast majority (82%) are using
them as investments, as opposed to other purposes such as to
transfer money or purchase goods and services.
"Today, most individuals are not looking to move crypto as much
as they're looking to hold crypto. MoneyGram plays a key role as
the leading connector between the crypto and cash worlds as more
people seek on-ramps and off-ramps for their investments," Holmes
continued. "Additionally, we believe digital currencies can
eventually streamline our processes, and one of our top strategic
priorities is to pioneer cross-border payment innovation. We have
already set out to disrupt ourselves through partnerships with
innovative companies such as Stellar and Coinme, as well as several
additional initiatives already underway. When the time comes for
crypto to play a larger role in consumer lives, MoneyGram will be
well-positioned to be a leader in the space."
Survey Methodology
This poll was conducted
between November 22 and November 30,
2021, among a customer group of more than 1,500 U.S.
consumers. The survey was created by MoneyGram and conducted
through an online survey platform. Participation was voluntary, and
respondents were not compensated.
About MoneyGram International, Inc.
MoneyGram is
leading the evolution of digital P2P payments. With a
purpose-driven strategy to mobilize the movement of money, a strong
culture of fintech innovation, and leading customer-centric
capabilities, MoneyGram has grown to serve nearly 150 million
people around the world over the last five years.
The Company leverages its modern, mobile, and API-driven
platform and collaborates with the world's leading brands to serve
consumers through MoneyGram Online (MGO), its direct-to-consumer
digital business, its global retail network and its emerging
embedded finance business for enterprise customers, MoneyGram as a
Service.
For more information, please visit ir.moneygram.com and follow
@MoneyGram.
MoneyGram Media Contact
Stephen Reiff
media@moneygram.com
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SOURCE MoneyGram