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MoneyGram CEO Pam Patsley on efforts to expand the company’s market share and how consumers can avoid scams involving money transfers.
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-- very same.
MoneyGram is the second largest money transfer service and they are gaining ground on the industry Goliath Western Union.
MoneyGram -- the most recent stump today with his brand new online and mobile transfer service joining me now for exclusive interview can't pass -- she's MoneyGram chairman.
And CEO and he really are going after Western Union had been a behemoth in the space exclusively in Mexico that's gone away.
What state is that the driver had the growth driver for money well it's a very attractive industries so -- we are focused not just going after Western Union bank going after market share gains so where the second largest.
Global money transfer provider with only 5% market share so there's tremendous white space that you've got competition from all the back.
I mean all the big financial companies are doing the same thing because they can make exorbitant fees off of -- -- compete with.
You know our customer is predominantly -- cash to cash customer and we are growing -- Innovative ways whether it's mobile phone offering some of the announced that you referenced earlier that we made today.
With our online business.
So we like to think about we want to provide any way -- consumer wants to send money to anyway consumer wants to receive money and -- -- 197 countries around the world very few banks -- -- -- -- saint 2012 -- gained you know double digit gains growth in those international markets and that seems to -- where -- -- seeing.
The true new business opportunity there is international yes there in mobile.
-- mobile is a big part of it it's additive.
I'd like to think of it that that is expanding the category.
Of the global remittance market so.
18% growth and sends originating outside the US.
Our whole business is a quarter business it's whether.
Sending from Saudi years the GCC to southeast Asia -- US to Mexico US -- Africa.
Anywhere in Europe so everything is aligned in the send and receive orders you know when things in Dodd-Frank in his of the regulation everyone is dealing with -- you're not immune to this unfortunately is -- getting their party formed on money transfers to be.
Insurance part of the consumer protection side of Avaya dot -- worried about -- to think -- but the -- -- the dollar -- we are not worried about it we think we have had an abundance of disclosure to our consumers and that's really what the money remittance rule.
Dodd-Frank -- that the CF PBS promulgating on our industry it's about disclosure.
And we're ready it was to go live February 7 and mid December the CF PB delayed that.
So we're waiting for the rule to be final ending and we're ready to go when I hate to real Western Union again I can't help myself White House -- what do these -- to lower prices because they see you can't let me and they did they say they see that your on their heels.
May yeah and prices are you get value -- -- price war you ready for -- where we are ready to continue to use about.
Maintain and grow our share -- I'll say it that way about what we're focused on and they do lower prices in November just -- -- -- numbers are really quite.
This is great Don penzance coming yes week you're warning customers about online Valentine.
Scams.
What is out there that I need to know about for transferring money on Valentine's -- -- well it's terrible it is vulnerable people falling prey to it but to spammers.
Saying you know.
Mary may send me money.
For my plane tickets and that and it's a trap.
And we want to make sure consumers are where you should never send money to someone you don't now I mean is there a way to attract those criminals and is obviously criminal activities -- scam artists from the around the world and skip -- going on for decades.
Can you track them through.
Like if that that FBI syndicated you could you tracked that it and we know through the receiver is but it's a matter of band -- of law enforcement to go after.
You know all -- scam artists around so it's a little that.
Their allocation of resources if we well we want them to when we -- we thank you know warning consumers on the front end.
-- who is as important but we're very excited about our growth and -- -- Continue to focus on that double digit transaction grants and revenue growth and Kathleen Madigan chairman and CEO -- the whole world for -- they are not yeah happy Eid Al Bader livid and also a lot of by the way are -- not gonna.
