During Friday’s trading session, MoneyGram International, Inc. (NASDAQ: MGI) went up by 2.38%. A share price of $8.32 was reached during the day’s trading timeframe. While a price of $8.81 was reached at its peak. A Barchart report indicates that MGI closed its previous session at $8.39, with a $3.08 million trading volume.
For the past five business days, the firm’s shares gained 11.99%, and for the past thirty business days, grew 36.78%. The stock gained an estimated 77.48% during the previous quarter. Within the closing six-month period, total output increased 148.27%, while for the last 12 months the stock rose 247.77%. Since the beginning of the calendar year, the company’s performance has improved by 57.18%.
According to MoneyGram International Inc (MGI) last quarter results, there is a good chance that the payment service will become a strong player in that industry. Using MoneyGram Online, you can make electronic payments, and the service is growing rapidly both from a geographical and transactional perspective. In December, cross-border payments grew by 142% year-over-year to the largest number recorded by the app in a single month. At the end of February, the company expects to report the results of the entire fourth quarter.
MoneyGram Online transactions soared 111% year-on-year in the third quarter, and revenue grew 114%. The main growth came from international payments. Two factors were spurred: increasing geographical coverage of the application and restrictions on movement, which incentivized more frequent out-of-country transfers of money. As a result, the volume of international payments increased during the third quarter by 176%. Digital payments contributed 27% of the company’s total revenue in the third quarter of 2020.
There are currently over 81 countries in which the MoneyGram Online service is available, increasing by 20 since the previous year. The company is expanding its presence in countries that lack access to digital payments, particularly in Africa. The money transfer service currently has over 350,000 branches worldwide, the second largest worldwide after Western Union.
With MoneyGram’s digital app’s capabilities increasing, its profits are expected to increase as well. In recent months, the company has grown rapidly, which some analysts believe is slowing down the company’s momentum. In fact, MoneyGram International Inc (MGI) has found a niche for itself in digital payments thanks to international connections. It has the potential to expand if it keeps up these efforts.