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MoneyGram Launches Mobile App Across the U.S. & 14 Countries

Zacks

MoneyGram International Inc. MGI has made its new mobile application accessible to customers across the United States and 14 other countries. The MoneyGram mobile app, which can be used by IOS and Android users, offers feasible and useful features such as biometric identification, location finder, transfer tracking along with exchange rates and fee projections.

The company is really hopeful about this new app because 70% of MoneyGram’s transactions is made on mobile phones. Apart from the United States, customers residing in 14 specific countries, namely France, Germany, Spain, the U.K., Australia, Austria, Belgium, Denmark, Ireland, Italy, Netherlands, Norway, Portugal and Sweden would be able to enjoy this experience. They can now send money to their close ones scattered across more than 200 countries and territories just with the help of a few clicks.

This launch is yet another strategic step taken by the company in the direction of expanding its digital footprint around the globe. MoneyGram has also unveiled its award-winning online platform, MoneyGram.com, in 21 new markets since January this year. The company has been constantly putting in efforts to boost its digital portfolio, which has also helped customers enjoy an omni-channel experience. Its online and mobile transactions have improved 16% year over year.

Notably, revenues from the company’s digital or self-service have been increasing consistently since 2013 through the first nine months of 2018. Its investment in innovative products and services such as moneygram.com, mobile solutions, account deposit and kiosk-based services helps enhance revenue growth and diversify its product offerings.
The company is also working toward improve its mobile app and many corresponding programs, a combination, which will uplift its digital capabilities.

In the first quarter of 2018, MoneyGram undertook business restructuring and reorganization program as part of its Digital Transformation initiative. These investments will make the company a digitally enabled customer-centric organization and would certainly aid its margins in the long run.

Shares of this Zacks Rank #3 (Hold) have tumbled 85.5% in a year’s time, wider than its industry’s decline of 12.2%.


Stocks That Warrant a Look

Some better-ranked stocks from the same sector deserving a glance are On Deck Capital, Inc. ONDK, American Express Company AXP and Euronet Worldwide, Inc. EEFT.

On Deck Capital operates as an online platform for small business lending in the United States, Canada and Australia. The company has managed to come up with positive results in three of the trailing four reported quarters, the average beat being 109.47%. The stock sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

American Express provides charge and credit payment card products and travel-related services to consumers and businesses. It managed to pull off average four-quarter earnings surprise of 4.39%. The company carries a Zacks Rank #2 (Buy).

Euronet Worldwide, Inc. provides payment and transaction processing plus distribution solutions to financial institutions, retailers, service providers and individual consumers worldwide. The company has a Zacks Rank of 2 and delivered average trailing four-quarter beat of 0.94%.

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