MoneyGram, bKash to Enable Real-Time Payments for 55M Users

Digital P2P payments provider MoneyGram International, Inc. has integrated with Bangladesh mobile financial service bKash to enable more than 55 million bKash users to receive funds in real-time from around the world, according to a Wednesday (Nov. 17) press release.

This latest integration is part of MoneyGram’s ongoing collaborative effort with Singapore-based Thunes, a B2B company that supports more than 60 currencies, enables payments to 115 countries, accepts close to 300 payment methods and enables customers and businesses to send and receive payments from anywhere in 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.

“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,” he said. “As consumer preferences shift toward receiving transfers digitally, MoneyGram is committed to offering innovative financial solutions and is well-positioned to meet these demands.”

In addition to receiving remittances instantly, bKash wallet users can pay for various products and services, including mobile recharge, utility bill payments, and payments for food delivery and ridesharing services.

Earlier this year, bKash partnered with blockchain-based global payments provider Ripple and Malaysian mobile wallet provider Mobile Money to enable wallet-to-wallet digital transactions on the RippleNet network between the two countries, according to PYMNTS. The joint venture also provides remittance solutions and the ability to transfer money anytime and from anywhere.

See more: Malaysia’s Mobile Money, Bangladesh’s bKash Team With Ripple On eWallet Remittances

Last month, MoneyGram announced a collaborative effort with nonprofit organization Stellar Development Foundation to enable customers to convert USDC to cash or vice versa instantaneously, according to PYMNTS. The effort was aimed at bolstering the liquidity of digital assets.

Read more: MoneyGram, Stellar Development Team on eWallet Offering Near-Instant Settlements in USDC