MoneyGram, a global money transfer and payment service, has launched a new mobile app that is available in the U.S. and 14 other countries, according to a company announcement.
The app, available for iOS and Android platforms, has features that include biometric identification, location finder, transfer tracking and exchange rates and fee estimates.
MoneyGram Chairman and CEO Alex Holmes said the move is important for the continued growth of the company’s digital and mobile strategies.
“More than 70 percent of our online transactions are made on a mobile device,” he said. “It’s critical that the consumers who use their smartphones to transact with us have a product that provides an exceptional customer experience. We believe the new MoneyGram app is the best app in the industry.”
Some of the other countries that can use the app include Germany, Spain, France, Australia, U.K., Austria, Belgium, Denmark, Ireland, Italy, the Netherlands, Norway, Sweden and Portugal.
MoneyGram has been leaning into its digital growth. Earlier this year, the company launched MoneyGram.com in 21 new markets.
“2018 has been an incredible year of growth for our digital platforms. We have strengthened our position in the industry’s competitive digital environment while also growing our extensive agent network,” Holmes said. “These actions support our commitment to offer our customers a true omnichannel experience when they transact with us.”
The company said its investment in digital services is paying off. Online and mobile transactions increased 16 percent year over year, and digital accounts for 16 percent of all money transfer revenue.
MoneyGram took a hit earlier this month when it was ordered to pay $125 million in penalties to the Federal Trade Commission for violating a six-year-old settlement related to anti-money laundering controls.
The company reportedly failed to prevent at least $125 million in fraudulent transactions from April 2015 to October 2016. MoneyGram said the fraud happened due to external circumstances.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More