DALLAS, Dec. 22, 2021 /PRNewswire/ -- MoneyGram
International, Inc., a global leader in the evolution of digital
P2P payments, today announced a milestone in the digitization of
its global receive network with a new partnership with Paytm
Payments Bank, India's leading
payments bank and a driver of financial inclusion in the country.
Through this partnership, MoneyGram customers around the globe can
send money in near real-time directly to the millions of fully KYC
compliant Paytm Wallets in India.
"We're thrilled to partner with Paytm Payments Bank to expand
our mobile wallet capabilities into one of the largest receive
markets in the world," said Alex
Holmes, MoneyGram Chairman and CEO. "The digitization of our
receive network is a core component of our growth strategy which
has led to exceptional results including an all-time high in our
total transactions received digitally in the third quarter of this
year. As consumer preference in India and beyond shifts toward receiving
transfers digitally, MoneyGram is well-positioned to continue to
meet demand."
MoneyGram transactions in India
received digitally currently represent nearly 50% of all
transactions received in the country. The number of transactions
sent directly to bank accounts is up about six times from just
under 10% two short years ago. With this mobile wallet partnership
with Paytm Payments Bank, the Company expects more high growth
rates as customers in India
continue to value the convenience of digital receives.
"We always strive to empower Indians with seamless, digital
banking services, and offering direct transfer of international
remittances into the Paytm Wallet is another step in the same
direction. We are pleased to partner with MoneyGram, which is a
trusted brand for money transfers globally," said Satish Kumar Gupta, MD & CEO, Paytm Payments
Bank Ltd. "The Paytm Wallet is used by millions of Indians, and we
hope that we continue to offer unmatched convenience and
flexibility to the Indian diaspora across the world to send money
home instantaneously."
According to the World Bank's 2020 estimates1,
India is the world's largest
inbound market with remittances, estimated at $83 billion USD for the year.
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 Paytm Payments Bank
Paytm Payments Bank has the
largest scale in India, in terms
of mobile transactions. The bank offers best-in-class digital
payment and banking experience with its mobile-only savings
accounts, current accounts, fixed deposits with partner banks, and
payment instruments like wallets, UPI, FASTag among other services
to Indians. The bank is the largest UPI beneficiary bank, with the
lowest technical decline rate amongst beneficiary and remitter
banks as of April 2021. It is also
the largest acquirer and issuer of FASTags in India. To know more please visit:
https://www.paytmbank.com/
Paytm Payments Bank Media Contact
Amrit Anand
amrit.anand@paytmbank.com
1
https://data.worldbank.org/indicator/BX.TRF.PWKR.CD.DT?locations=IN
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SOURCE MoneyGram