MoneyGram International Inc. MGI has tied up with KyckGlobal to provide the evolving population of gig economy workers in the United States with better services by enabling them to receive rapid cash funds for their job.
Notably, around 60 million people in the United States are gig economy workers and per studies, it is projected that about one-third of the population prefers same-day payments in cash. Notably, gig economy workers are now gaining traction from quick and seamless cash payments.
This unique tie-up is another step in line with MoneyGram's strategy to capitalize on the strengths of its advanced digital and physical network to reach out to new customers in various new ways. KyckGlobal - an innovative fintech company - conveniently plugged into MoneyGram's API-driven platform to provide customers with convenience and plenty of choices.
The alliance of both these companies would benefit each other to leverage their platforms for boosting overall growth.
The workforce share of gig economy labor has been rising quite steadily over the past few years. Half of U.S. workers is expected to be freelancers by 2020. This evolving gig economy space provides ample scope for business growth and has evidently, attracted another player - Visa Inc. V - to its fold. In March 2019, it collaborated with PayActiv for allowing real-time access to earned salaries doled out by PayActiv. This has highly put the gig economy workers to advantage.
Over the past few years, MoneyGram has made constant efforts to upgrade its technology infrastructure and build APIs so that more companies can seamlessly integrate into those platforms. The company's investment in innovative products and services, particularly Digital/Self-Service solutions, such as moneygram.com, mobile solutions, account deposit and kiosk-based services help enhance revenue growth and diversify its product offerings.
Shares of this Zacks Rank #3 (Hold) company have plunged 71.8% in a year's time, wider than the industry 's decline of 6.9%.
Stocks That Warrant a Look
Some better-ranked stocks from the same sector are AXA Equitable Holdings, Inc. EQH and Euronet Worldwide, Inc. EEFT , each currently carrying a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
AXA Equitable operates as a diversified financial services company across the globe. It managed to pull off average four-quarter beat of 12.1%.
Euronet Worldwide, Inc. offers payment and transaction processing plus distribution solutions to financial institutions, retailers, service providers and individual consumers worldwide. The company delivered average trailing four-quarter beat of 2.68%.
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