Dallas-based MoneyGram International’s domestic money transfer
business continued to be hurt by Wal-Mart’s competitive service in the
fourth quarter.
The company said Thursday that its U.S.-to-U.S. money transfer volume fell 40 percent from a year ago. Overall transactions fell 2 percent, while money transfer revenue declined 10 percent to $305.7 million.
To better compete with Wal-Mart’s service, MoneyGram began implementing price cuts for domestic transfers in the fourth quarter. The move is showing improvements, said MoneyGram CEO and chairman Pamela H. Patsley.
“We’re pleased with the results thus far,” Patsley said. “By working with our agents and communicating our compelling message, we are regaining customers and attracting new customers to MoneyGram.”
The company released earnings after the market closed. Shares rose 24 cents Thursday to close at $9.44.
MoneyGram’s international money-transfer volume and U.S. outbound transactions saw double-digit increases in the fourth quarter. So did the company’s self-service and online transactions.
Read more at Click here / www.trade4x.net
The company said Thursday that its U.S.-to-U.S. money transfer volume fell 40 percent from a year ago. Overall transactions fell 2 percent, while money transfer revenue declined 10 percent to $305.7 million.
To better compete with Wal-Mart’s service, MoneyGram began implementing price cuts for domestic transfers in the fourth quarter. The move is showing improvements, said MoneyGram CEO and chairman Pamela H. Patsley.
“We’re pleased with the results thus far,” Patsley said. “By working with our agents and communicating our compelling message, we are regaining customers and attracting new customers to MoneyGram.”
The company released earnings after the market closed. Shares rose 24 cents Thursday to close at $9.44.
MoneyGram’s international money-transfer volume and U.S. outbound transactions saw double-digit increases in the fourth quarter. So did the company’s self-service and online transactions.
Read more at Click here / www.trade4x.net
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