- MoneyGram ( NASDAQ: MGI ) has expanded access to its digital peer-to-peer payments platform, called MoneyGram Online, to consumers in Brazil, the largest economy in Latin America.
- Consumers in the country can now use the website to send funds from Brazil to people around the globe. Recipients can get money through various ways, including account deposit, mobile wallet, and cash pick-up from retail locations.
- The move comes as MoneyGram ( MGI ) continues to expand its P2P website globally in the wake of increased demand for digital payments solutions. The company, of note, already has exposure to Brazil, with more than 1,000 retail locations throughout the country, it said.
- "This is a significant growth opportunity for MoneyGram to capture market share in a country with one of the largest populations in the world," said MoneyGram Chairman and CEO Alex Holmes.
- MGI ticked up 0.2% in Tuesday morning trading.
- In June, MoneyGram partnered with Mobily Pay for new mobile wallet users in Saudi Arabia .
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MoneyGram expands payments platform to Brazil as part of global push