MoneyGram international has signed an agreement to offer international money transfer services on mobile wallet, Pay+.
MoneyGram’s (MGI) Chairman and CEO, Alex Holmes said, “Consumer demand for real-time payments and mobile wallets continues to surge, so this expansion with one of our largest and fastest-growing digital partners is yet another milestone on our journey to lead the evolution of digital P2P payments.”
Holmes added, “As our digital partners are increasingly looking to utilize our modern, mobile and API-driven infrastructure, this integration through Pay+ will provide scale to its existing digital offerings and instant access to our cross border payments and money transfer services.”
Pay+ will enable consumers in Oman to make deposits, withdrawals, bill payments and money transfers. This partnership will allow customers to transfer money near real time thanks to access to the MoneyGram global network.
The partnership is expected to be operational next month. Oman is one of the largest markets for outbound international remittances and the partnership helps MoneyGram build upon its focus in the Middle East market.
MoneyGram Global Chief Revenue Officer, Grant Lines said, “Through this upcoming launch we are doubling down our efforts in key send corridors such as Oman and in turn providing new and innovative technologies and more digital payment options to consumers around the globe.” (See MoneyGram stock analysis on TipRanks)
Last month, Northland Securities analyst Michael Grondahl assigned the stock a Buy rating with a price target of $9.50 (38.5% upside potential).
Commenting on the company’s 4Q performance, Grondahl said, “ MGI continued to be driven by rapid expansion of the digital business and continued recovery of the walk-in business. Digital performance was led by MGI’s online direct to consumer channel delivering 100% y/y transaction growth and 103% revenue growth via demand for the MGI app.”
The other analyst covering the stock, Barclays’ Ramsey El Assal has a Sell rating on the stock with a price target of $6 (12.5% downside potential). The two ratings average to a Hold consensus rating alongside an average analyst price target of $7.75 (13% upside potential). Shares have rallied about 400% over the past year.
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