Money Transfer Giants Report Mixed Results, Digital Transactions Drive Growth
Intermex, Euronet, Remitly, MoneyGram, and Western Union have reported their quarterly and annual results, highlighting growth and changes in the money transfer industry, particularly in digital transactions.
Intermex's revenues surged by 21.4% this quarter, thanks to its omnichannel strategy. Digital transactions grew by a remarkable 84%. The company differentiates itself by offering smarter payment platforms that combine invoicing, payments, and communication, along with process automation and targeted customer support.
Euronet's money transfer segment grew by 2%, with direct-to-consumer digital transactions up by 38%. The company saw a 13% increase in both US outbound and international-originated money transactions.
Western Union's digital transfer revenues, however, declined by 8% due to suspended operations and activity reductions. This contributed to a 15% overall revenue drop.
Remitly's revenue rose by 41% in Q4 2022, driven by high customer acquisition, retention, and expansion into new regions. The company aims to convert this growth into profitability in 2023.
MoneyGram's digital transactions approached 50% of total transactions. Its total money transfer revenue rose by 0.4% to $303.4m, with digital revenue up by 33%, marking the 12th consecutive quarter of digital growth.
The money transfer industry continues to evolve, with digital transactions driving growth for some companies like Intermex, Euronet, and MoneyGram. However, others like Western Union face challenges. Remitly's focus on customer acquisition and expansion shows promise for future growth.
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