MoneyGram Introduces Service To Speed Up Money Transfer

MoneyGram International Inc. (NASDAQ:MGI) recently launched its new digital money transfer service, MoneyGram MobilePass to offer customers a quicker and more convenient transaction experience.

Customers can now avail this service to transfer funds to any corner of the world using their mobile device or online. The payment can be made at any of the MoneyGram branches across the United States by simply filling in the sender and receiver information and adding the amount to be sent.

Given that the U.S is currently the world’s largest remittance send market, the company’s latest digital service offering is undoubtedly a prudent one. In fact, the World Bank estimated that more than $56 billion was sent from the U.S. to other countries in 2015. The launch of this service thus indicates the company’s endeavor to tap growth opportunities offered by from this huge market.

This payment service company has always taken interest in numerous online money transfer initiatives in keeping with the changing needs and preferences of the customers. To this end, MoneyGram continues to introduce several innovative offerings. The introduction of digital/self-service solutions like moneygram.com, mobile solutions, account deposit and kiosk-based services are worth mentioning in this context. These initiatives have helped the company to grow on its revenue as well. By the end of 2017, the company expects digital solutions to represent 15–20% of total money transfer revenue.

Zacks Rank and Stocks to Consider

MoneyGram has a Zacks Rank #3 (Hold).

Some better-ranked stocks from the finance sector include Equifax Inc. (NYSE:EFX) , MasterCard Incorporated (NYSE:MA) and National Interstate Corporation (NASDAQ:NATL) .

National Interstate, a specialty property and casualty insurer, saw the Zacks Consensus Estimate increase by 7.6% and 7.3% for 2016 and 2017, respectively, over the last 60 days. The company sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Equifax, a financial transaction services provider, witnessed the Zacks Consensus Estimate inch up 0.4% and 0.2% for 2016 and 2017, respectively, over the last 60 days. The company holds a Zacks Rank #2 (Buy).

MasterCard, another financial transaction services provider, saw its Zacks Consensus Estimate inch up 0.8% and 0.9% for 2016 and 2017, respectively, over the last 60 days. The insurer has a Zacks Rank #2.

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