Money Transfer Giants Report Mixed Results in Q4 2022
Euronet's money transfer segment grew by 2%, contributing to a 7% overall revenue increase. Meanwhile, Western Union's digital transfer revenues dropped by 8% due to suspended operations and activity reductions. Remitly expanded into the Middle East and New Zealand in 2022.
Euronet's direct-to-consumer digital transactions surged by 38%. Intermex's quarterly revenues rose by 21.4% thanks to its omnichannel strategy, with digital transaction growth of 84%. MoneyGram's digital transactions neared 50% of total transactions, with a 33% increase in digital revenue, leading to a 0.4% rise in total money transfer revenue to $303.4m. Remitly's revenue soared by 41% in Q4 2022, driven by customer acquisition, retention, and expansion into new markets. However, Western Union's consumer revenues declined, resulting in a 15% overall revenue drop.
The money transfer sector saw mixed results, with Euronet, Intermex, and Remitly reporting growth, while Western Union and MoneyGram faced challenges. Companies differentiate through fees, speed, transfer limits, supported currencies, and disbursement methods, catering to diverse customer needs.
