“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,” MoneyGram Chairman and CEO Alex Holmes said in a Wednesday (Dec. 22) news release.
“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.”
According to MoneyGram, its digital transactions in India represent nearly half of all transactions received in that country, with the number of transactions sent directly to bank accounts six times higher than it was two years ago.
The company says this partnership will help improve its growth rates in India as customers continue to embrace digital payments. MoneyGram cites figures from the World Bank, which puts India at the top of the list of the world’s biggest inbound market, with remittances of $83 billion in 2020.
The new partnership is part of what’s been something of a world tour for MoneyGram. Earlier this month, the company announced it was working with the digital wallet provider urpay to power cross-border payments from users in Saudi Arabia.
The collaboration, set to launch in early 2022, lets urpay connect to MoneyGram’s “API-driven infrastructure and global network to provide its millions of users the ability to send money around the world,” the company said at the time.
In November, MoneyGram announced it had integrated with Bangladesh mobile financial service bKash to allow more than 55 million bKash users to receive funds in real time from around the globe. The integration was part of MoneyGram’s ongoing collaboration with Thunes, a B2B company based in Singapore.