Store locations will likely result in less walk-in business for MoneyGram, which accounts for 78% of revenue. MoneyGram FastSend is a digital service built on Visa Debit rails with a flat $1.99 fee and a limit of $10,000 per transaction.
“When people are forced to use other solutions, it does bring a lot of change into the market,” the MoneyGram CEO said. “We’re fortunate to have invested quite substantially in the last couple of years into our digital business. Today 22% of revenue is being generated from digital type transactions and partnerships. That being said the rest of the business is reliant on global walk-ins,” said Alex Holmes, MoneyGram’s Chairman and CEO.