DALLAS, Texas Oct. 14, 2014 (GLOBE NEWSWIRE) -- MoneyGram (NASDAQ: MGI), a leading global money transfer company, continues to outpace the industry with a track record of success and expansion in Mexico. Recent product launches and agent signings, including a new agreement to renew with Pagos Intermex for receive services, have contributed to MoneyGram's estimated 13 percent U.S.-to-Mexico market share and resulted in consistent year-over-year growth.
"MoneyGram is performing exceptionally well in Mexico in a dynamic and ever-changing environment. We now have one of the largest money transfer payout networks in the country," says Juan Agualimpia, MoneyGram's global chief marketing officer and executive vice president, Latin America/Caribbean. "New relationships and technologies are not only supporting our growth, but they are benefitting our customers by making our services more accessible and convenient. Our customers in Mexico can now visit more MoneyGram locations than ever before or use our direct deposit options."
Mexico is Latin America's largest recipient of remittances, with about $23 billion incoming annually from the U.S. alone according to The World Bank. Since 2006, MoneyGram has worked with Pagos Intermex to more than triple the number of MoneyGram payout locations throughout Central Mexico, serving the consumers primarily in rural villages and more remote areas. The renewal agreement extends the relationship for three more years.
MoneyGram also has renewed and expanded its collaboration with Mexico-based grocery store chain Calimax, and recently announced a network expansion through Chedraui Supermarkets, one of the country's largest supermarket retail chains.
Just this past May, MoneyGram debuted a new service enabling U.S. customers to send funds directly to all bank accounts in Mexico— in as little as an hour. This service is part of MoneyGram's strategic initiative to expand self-service options to enable customers to choose between the most convenient cash pick-up network or the fastest account deposit service.
"With seven consecutive quarters of transaction growth in excess of 20% for U.S. to Mexico, we are proud of our impressive track record in this market," says Pamela H. Patsley, MoneyGram's chairman and chief executive officer. "We are focused on expanding our suite of services to provide an exceptional consumer experience for both our receivers in Mexico and our senders in the U.S."
About MoneyGram International, Inc.
MoneyGram, a leading money transfer company, provides essential services to consumers who are not fully served by traditional financial institutions. MoneyGram offers worldwide money transfer services in more than 200 countries and territories through a global network of 345,000 agent locations, including retailers, international post offices and banks. MoneyGram also offers bill payment services, issues money orders and processes official checks in select markets.