DALLAS, Nov. 17, 2021 /PRNewswire/ -- MoneyGram
International, Inc. (NASDAQ: MGI), the global leader in the
evolution of digital P2P payments, today announced the expansion of
its mobile wallet network through the integration with bKash,
Bangladesh's leading mobile
financial service (MFS) provider. This is the latest integration as
part of MoneyGram's ongoing partnership with Thunes, a B2B company
that powers payments for the world's fastest-growing businesses.
With this launch, over 55 million bKash wallet users in
Bangladesh will now be able to
receive funds instantly from around the world.
"The digitization of our receive network is a core component of
our growth strategy, and this latest integration can help improve
the financial lives of millions of bKash wallet users in a large
and growing market," said Alex
Holmes, MoneyGram Chairman and CEO. "As we recently
announced, total transactions received digitally through the
MoneyGram platform reached a new all-time high in the third quarter
of this year, with 63% year-over-year growth, and this partnership
will further support this strong growth. As consumer preferences
shift toward receiving transfers digitally, MoneyGram is committed
to offering innovative financial solutions and is well-positioned
to meet these demands."
Across many areas of the world, especially in parts of
Asia, remittances remain a vital
role in consumer lives, while demand for digital options and mobile
wallets continues to surge. According to the World
Bank1, an estimated 22 Billion
USD flowed into Bangladesh
in the form of remittances in 2020, accounting for almost 7% of the
country's GDP in the year. This latest integration with bKash will
increase access to direct remittance services and help accelerate
financial inclusion in Bangladesh.
"We believe that access to fast and affordable global payments
is one of the basic human rights, and that technology can help us
achieve it," said Peter De Caluwe,
CEO of Thunes. "We are glad to partner with MoneyGram and bKash to
get us one step closer to that vision and enable seamless digital
payments to the vibrant Bangladeshi community"
bKash is a leading and high growth player in the digital
landscape of Bangladesh. Along
with receiving remittances in real-time, bKash wallets can be used
to pay for a variety of products and services including mobile
recharge, utility bill payments, and payments of various food
delivery and ridesharing services. A study released earlier this
year by Bangladesh Institute of Development Studies (BIDS) even
found that household incomes for bKash users had risen over 15%,
partly due to the ease and speed of transferring emergency funds to
Bangladesh during recent cyclones
and flooding. During the pandemic, bKash has helped Bangladesh boost its inbound remittance and
promoted cashless transactions further by offering 1% cash bonus on
top of 2% government incentive and wide range of payments
solutions.
About MoneyGram International, Inc.
MoneyGram is
leading the evolution of digital P2P payments. With a
purpose-driven strategy to mobilize the movement of money, a strong
culture of fintech innovation, and leading customer-centric
capabilities, MoneyGram has grown to serve nearly 150 million
people around the world over the last five years.
The Company leverages its modern, mobile, and API-driven
platform and collaborates with the world's leading brands to serve
consumers through MoneyGram Online (MGO), its direct-to-consumer
digital business, its global retail network and its emerging
embedded finance business for enterprise customers, MoneyGram as a
Service.
For more information, please visit ir.moneygram.com and follow
@MoneyGram.
MoneyGram Media Contact
Stephen Reiff
media@moneygram.com
About bKash
Launched in 2011, bKash, a joint venture
of BRAC Bank, US based Money in Motion LLC, International Finance
Corporation of the World Bank Group, Bill and Melinda Gates
Foundation and Ant Group, operates as a payment service provider
offering broad range of digital financial services under the
regulation of Bangladesh Bank.
bKash Media Contact
Rukhsana
Mily
+880 1841234363
rukhsana.mily@bkash.com
About Thunes
Thunes is a B2B company that powers
payments for the world's fastest-growing businesses. Through a
single, simple connection, consumers and businesses can send
payments to – and get paid in – every corner of the world. Thunes
currently supports 60+ currencies, enables payments to 115
countries, and helps to accept 285+ payment methods. Thunes is
headquartered in Singapore with
regional offices in London,
Paris, Shanghai, New
York, Dubai, and
Nairobi. For more information,
visit www.thunes.com
Thunes Media Contact
Irina Chuchkina
+65 9775 5128
press@thunes.com
1
https://data.worldbank.org/indicator/BX.TRF.PWKR.CD.DT?locations=BD
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SOURCE MoneyGram