On December 20, MoneyGram International, a pioneer in the development of digital P2P payments, announced the launch of MoneyGram Online (MGO) in Brazil with no transaction fees for users.
Additionally, Frente Corretora, a well-known provider of financial technology in Brazil and one of Ripple’s current partners, is working with MoneyGram to create this new service.
According to the press release, with more than 1,000 retail outlets around the nation, MoneyGram already has a strong presence in Brazil and has been providing customers with the ability to send money overseas for the past 25 years.
Additionally, the Brazilian digital remittances market is anticipated to expand by around 10% over the following five years as the nation’s need for digital solutions rises.
As demand has migrated increasingly online, the company is dedicated to continuing to satisfy the ever-changing needs of its customers. As a result, it now offers Brazilian customers the option to transfer money whether they’re on the road or from home.
The press release added that remittances sent abroad from Latin America have been rising consistently recently. By 2022, there will be 1 million immigrants living in Brazil, a 24% increase over the previous ten years.
MoneyGram Online “MGO” Service
Per the press release, by utilizing MGO, customers can now send money from Brazil to friends and family members almost instantly anywhere in the globe.
The company offers a variety of alternatives for recipients to receive money, including account deposits, mobile wallets, and cash pick-up from retail locations, all of which are tailored to match their particular needs.
MoneyGram Chairman and CEO, Alex Holmes, said:
As we continue to execute our strategy to grow and expand MoneyGram Online geographically, I am thrilled to announce that our website is now officially live in Brazil.
The ongoing digital growth in the globe shows that customers genuinely value their industry-leading user experience, he continued. They are incredibly proud of the immersive online platform they have created for clients across the world.
They are sure that this launch will help us expand into new consumer groups, strengthen their bonds with current clients, and provide enormous value over the long term.
Holmes further asserts:
This is a significant growth opportunity for MoneyGram to capture market share in a country with one of the largest populations in the world. As we approach the start of the new year, we’re set up for success.
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