American money transfer company MoneyGram International has posted total revenue of $290.9m for the first quarter of 2020, a decline of 8% compare to the year-ago quarter.

For the quarter ended 31 March 2020, the company’s revenue from money transfer was $255.9m, which represents a decline of 6% compared to the year-ago quarter. Investment revenue stood $10.1m for the quarter.

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The company reported a net loss of $21.5m, including $10.1m of additional non-cash tax expense from an increased deferred tax asset valuation allowance.

MoneyGram’s total operating expenses during the quarter declined to $277.8m from $306.8m. It included a $12.1m benefit composed of Ripple market development fees of $16.6m, the company said in its earnings statement.

Payments company Ripple made a $50m investment in MoneyGram in November last year.

The company’s adjusted EBITDA in the first quarter increased 3% to $51.5m and adjusted EBITDA margin improved 180 basis points to 17.7%.

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The company registered a 57% surge in digital transaction during the quarter, accounting for 18% of all money transfer transactions.

MoneyGram Online, which comprises 73% of the Digital business, remained a key driver. It recorded transaction growth of 60% for the first quarter, and 66% in the post-Covid period.

MoneyGram chairman and CEO Alex Holmes. “We were encouraged by the strong start to the quarter with transaction growth in all channels accelerating from the fourth quarter. The pandemic caused sudden and significant global disruption and MoneyGram certainly was not immune.

“At the onset of Covid-19, our Walk-In Channel experienced a significant downturn, while in contrast, our Digital Channel continued its positive momentum as consumers increasingly value the ease and convenience of our leading offerings.”

In January this year, MoneyGram partnered with EbixCash, a wholly-owned subsidiary of Ebix, to bolster its money transfer services in India.