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I'm amazed MoneyGram is still in business. I had to deal with them last week and it was hell. Their reliance on phone support for most operations is absurd. I

I'm amazed MoneyGram is still in business. I had to deal with them last week and it was hell. Their reliance on phone support for most operations is absurd. I saw five people attempt to use the kiosk - and all were required to call phone support for various reasons! The kiosk complained about DOB missing (date of birth I guess?), yet there wasn't any field left unfilled. Changes in unpaid/draft transactions resulted in duplicate ones instead, and they could only be deleted by calling support. The kiosk software was filled with dumb errors like that. I could go on an on. Using cryptocurrencies seems like a good idea, but I'd bet just improving the kiosk software to make phone support a rarity instead of practically a requirement would be way more efficient at reducing cost.

blowski 9y ago
Along with Western Union, it’s the only viable option for sending money to people who don’t have a bank account and can’t use a computer. It’s taken years for my wife to persuade her parents in Brazil to try Azimo or Transferwise. We were using Moneygram until last year.
KeepTalking 9y ago
The money remittance market is a very interesting problem. The key to understanding why moneygram is still around is by getting a good understanding of global banking and associated regulation & fees along with top immigration/immigration corridors and consumer behaviour in these corridors. Most money transfers happen from a stable high net worth economies (USA,UK,Germany, UAE, Saudi Arabia) to growing economies(India, Mexico, Brazil, Philippines) and following the emmigration/immigration corridor. The money transfer market is more akin to a marketplace with disparate sender-receiver situations. Sender banking infrastructure typically is more sophisticated but disjointed with the receivers banking infrastructure. Learn more about these patterns in this document. https://siteresources.worldbank.org/INTPROSPECTS/Resources/334934-1199807908806/4549025-1450455807487/Factbookpart1.pdf https://siteresources.worldbank.org/INTPROSPECTS/Resources/3...
- hrasyid 9y ago
  Can you explain why these situations led them to be secure in business?

blowski 9y ago

Along with Western Union, it’s the only viable option for sending money to people who don’t have a bank account and can’t use a computer. It’s taken years for my wife to persuade her parents in Brazil to try Azimo or Transferwise. We were using Moneygram until last year.

KeepTalking 9y ago

The money remittance market is a very interesting problem. The key to understanding why moneygram is still around is by getting a good understanding of global banking and associated regulation & fees along with top immigration/immigration corridors and consumer behaviour in these corridors. Most money transfers happen from a stable high net worth economies (USA,UK,Germany, UAE, Saudi Arabia) to growing economies(India, Mexico, Brazil, Philippines) and following the emmigration/immigration corridor. The money transfer market is more akin to a marketplace with disparate sender-receiver situations. Sender banking infrastructure typically is more sophisticated but disjointed with the receivers banking infrastructure. Learn more about these patterns in this document. https://siteresources.worldbank.org/INTPROSPECTS/Resources/334934-1199807908806/4549025-1450455807487/Factbookpart1.pdf https://siteresources.worldbank.org/INTPROSPECTS/Resources/3...

hrasyid 9y ago
Can you explain why these situations led them to be secure in business?