MoneyGram International, Inc., one of the global leaders in the evolution of digital P2P payments, announced the launch of MoneyGram Online (“MGO”) in Brazil. Consumers can now use the Company’s leading website to send funds from Brazil in near real-time to family and friends worldwide. Recipients can receive money through the Company’s suite of options designed to meet their unique needs, such as account deposit, mobile wallet, and cash pick-up from retail locations. MoneyGram is launching this service with zero transaction fees for consumers.
MoneyGram already has a leading presence in Brazil with over 1,000 retail locations throughout the country, enabling consumers to send money abroad for the past 25 years. The Company is committed to continuing to meet ever-changing consumer needs. As demand has increasingly shifted online, MoneyGram now enables consumers in Brazil to send money on the go or from the comfort of their homes.
Outbound remittances from Latin America have been steadily increasing in recent years. In Brazil, immigration flow has increased by 24% in the past 10 years, reaching 1 million immigrants in the country in 2022. As demand for digital solutions increases in the country, the Brazilian digital remittances segment is projected to grow by nearly 10% in the next five years.
This is a significant growth opportunity for MoneyGram to capture market share in a country with one of the largest populations in the world.