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Incumbent MoneyGram Shows Its Increased Focus & Attention To The Digital Channel

MoneyGram, a global provider of innovative money transfer services, announced the re-launch of the new MoneyGram.com and mobile app in the United States (available for Apple and Android devices). The new MoneyGram.com brings to life the complete re-imagination of MoneyGram's online experience. Some argue that incumbents are being forced to go digital by aggressive startups such as Xoom.

The platform is the first online service of its kind to enable customers to send money to approximately 200 countries and territories without needing to create an account. In addition, new features and functionality now allow customers to check the status of online and offline transfers with a new "track-a-transfer" tool, complete transactions quickly and seamlessly, and use phones or tablets to send money anytime, to anywhere in the world.

It’s interesting that we recently wrote a story to showcase how incumbents might not be so far behind when it comes to digital channels. The below exhibit shows that traditional remittance companies’ digital revenue is far more than the emerging FinTech startups.

The new MoneyGram.com and mobile app are some of the moves taken in this direction by MoneyGram to strengthen its position in the digital space and compete with aggressive young companies.

"Our customers send money to family and friends to provide for life's essentials, fund emergency cash needs and celebrate big moments. We are excited to make these transactions as seamless as possible," says Pamela H. Patsley, Chairman and Chief Executive Officer at MoneyGram. "Behind our transactions, there are human stories that we want to facilitate. Every element of the design of the new MoneyGram.com started with the customer in mind. The new platform is currently available for sending money that originates in the US and is designed to scale globally. We look forward to rolling out this new experience in additional countries."

The state-of-the-art platform allows MoneyGram to rapidly update and introduce features, delivering a superior online customer experience. In addition to guest sending and transfer tracking, users will also benefit from enhanced security and risk management protection systems, and quick-click re-sends for frequent users, as well as instant ACH transfers as a funding option.

"The new MoneyGram.com is the next evolution of global money transfers," says Alex Hoffmann, Executive Vice President of Business Development & Global Product at MoneyGram. "We created a new experience based on direct customer feedback. MoneyGram's focus on the customer, our trusted brand and our global settlement engine are key factors driving the success of our new online platform and overall self-service transformation."

About MoneyGram International, Inc.:

MoneyGram is a global provider of innovative money transfer services and is recognized worldwide as a financial connection to friends and family. Whether online or through a mobile device, at a kiosk or in a local store, the company connect consumers any way that is convenient for them. They also provide bill payment services, issue money orders and process official checks in select markets. More information about MoneyGram International, Inc. is available at moneygram.com

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