MoneyGram International is a major player in world payment services. Based in Minnesota, it provides money transfers to 190 different countries, and claims to be the world’s second biggest payment company. Spurred on by underperformance in its Middle East market, MoneyGram is starting major push for growth – and mobile will play a big part in that.
What’s the story?
According to Emirates Business 24/7, MoneyGram wants to accelerate its growth in the Middle East by double-digits.
How does it plan to do this?
- Increasing its number of agent locations in the region (already standing at 186,000)
- Introducing new products during 2010
It’s the “new products” I’m most interested in. MoneyGram has already announced its intention to introduce an entire branch of mobile money services to its business. It has even launched pilots of the service in both the USA and Hong Kong, and has nailed down an agreement with the Italian post office to launch mobile money there.
What we think?
While MoneyGram isn’t making any hard commitments to mobile as regards a date for launch, I would say it will launch several services this year. Why do I say that? First, it already has the pilots under its belt. Second, it is hungry for “new” service and products this year. Third, the fastest growing “new” market for money transfer is undoubtedly mobile. And if you want to get in on that ahead of the pack, you want to do it in 2010.