Money transfer firm expects to post double-digit growth in PH
US-based global remittance firm MoneyGram expects its Philippine operations to post a double-digit growth rate this year.
In a briefing, visiting MoneyGram senior vice president Grant Lines said the company would grow its market share in the Philippines by expanding its distribution channels, entering into more partnerships and introducing more products and services.
MoneyGram presently has a network of 9,500 sites, of which 3,000 have the ability to provide dollar-denominated payments and 200 of which serve customers 24/7.
Lines said MoneyGram was also moving toward introducing new products and services. Its traditional business involves cash-to-cash transfers. To date, MoneyGram offers cash-to-(bank) account transfers through 20 partner-banks in the Philippines, of which Banco de Oro Unibank accounts for the largest volume.
He said the company would soon offer US dollar payments and the cash-to-(bank) accounts transfer service in US currency.
While the Philippines has traditionally been one of the world’s largest destination of remittances, the company official said Moneygram had started to see more customers sending money out of the Philippines, particularly to China.
Lines said there was also a growing demand for bank account-to-account or purely online transactions as well as cash transfers using mobile devices, kiosks and automated teller machines.
Apart from increasing its distribution channels and products, ensuring the affordability of its products and services is seen as a key to its bid for greater market share.
Based on Bangko Sentral ng Pilipinas data, remittances coursed through banks grew by 6.3 percent last year. Doris C. Dumlao