MoneyGram International Inc. MGI recently entered into a new collaboration with HD Bank in Vietnam to provide customers with an easy and seamless home delivery service.
By combining HD Bank with the current home delivery chain of MoneyGram in Vietnam, recipients will be able to get their money safely at their doorsteps.
This move is in line with the company’s omnichannel strategy with which it is currently providing smooth and convenient remittance plus payment services. MoneyGram is committed toward expanding product offerings to customers in this fast-growing geography.
In early 2018, MoneyGram tied up with HD Bank to provide rapid and seamless international cash transfer services to its customers. The company’s long relationship with HD Bank makes it the perfect partner for this endeavor.
MoneyGram is a leading company in omnichannel money transfer and payment services in more than 200 countries and territories. And the world remittance market has plenty of growth opportunities at the moment. Last year, the global remittance was up 10% according to the World Bank and is expected to grow substantially going forward.
In July, the company also signed a contract with Sentbe in South Korea, which makes the latter the first MoneyGram virtual agent in the region. With this alliance, MoneyGram expects to boost its digital transformation as well as financial inclusion in South Korea.
The company has made concerted efforts to drive its Digital/Self-service platform through new products and services, particularly Digital/Self-Service solutions, such as moneygram.com, mobile solutions, account deposit and kiosk-based services. Recently, the company launched its app for digital transactions and redesigned its Website (now available across 24 countries), which has been well received by its customers, boosting its digital business in turn.
One of its peers The Western Union Company’s WU digital business has been growing over the last many quarters, contributing a substantial amount to the company’s overall revenues.
Shares of this Zacks Rank #3 (Hold) company have lost 35.4% in a year’s time, wider than its industry’s decline of 3.6%.
Stocks to Consider
Investors interested in the same space can look into some better-ranked stocks like PayPal Holdings, Inc. PYPL and Cardtronics PLC CATM. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
PayPal works as a technology platform and digital payments company that enables digital and mobile payments on behalf of consumers and merchants worldwide. It carries a Zacks Rank #2 (Buy) and managed to pull off average positive surprise of 10.4%.
Cardtronics offers automated consumer financial services through its network of automated teller machines and multi-purpose financial services kiosks. The company came up with average four-quarter beat of 37.5% and sports a Zacks Rank #1.
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