Cross-border P2P payments and money transfer company MoneyGram International, Inc. (NASDAQ:MGI) announced that it has entered into a partnership with Paytm Payments Bank, an Indian payments bank, to enable smooth money transfer.
Following the news, shares of the company declined 1.5% during yesterday’s trading session. However, it pared some of its losses to close at $7.97 in the extended trade.
Strategic Impact
With this partnership, MoneyGram customers can send money in near real-time, directly to the millions of fully KYC-compliant Paytm Wallets in India from anywhere in the world.
Furthermore, with the burgeoning digital payments scenario in India, MoneyGram expects to grow rapidly and this partnership is likely to be an enabler in this aim.
Management Commentary
CEO of MoneyGram, Alex Holmes, said “We’re thrilled to partner with Paytm Payments Bank to expand our mobile wallet capabilities into one of the largest receive markets in the world. As consumer preference in India and beyond shifts toward receiving transfers digitally, MoneyGram is well-positioned to continue to meet demand.”
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Analyst Ratings
Consensus among analysts is a Moderate Sell based on 1 Hold and 1 Sell. The average MoneyGram price target of $6 implies downside potential of 24.1% from current levels. However, shares have gained 31% over the past year.
TipRanks Website Traffic
TipRanks’ Website Traffic Tool, which uses data from SEMrush Holdings (SEMR), the world’s biggest website usage monitoring service, offers insight into MoneyGram’s performance this quarter.
According to the tool, the MoneyGram website recorded a 0.82% monthly fall in global visits in November, compared to the same period last year. However, year-to-date, website traffic rose 0.28%, compared to the previous year.
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