MoneyGram Payment Systems, Inc., a subsidiary of MoneyGram International, Inc. (NASDAQ: MGI), has entered into a partnership with the Federal Bank Limited – a private bank in India. MoneyGram is a global payments and transfer Fintech. The collaboration will see MoneyGram services made available for the bank’s customers in India.
According to the company, millions will be able to receive deposits directly in their bank accounts without leaving their homes an imperative in the current COVID-19 situation.
According to the World Bank, India remains the world’s top recipient of remittances and is estimated to have received over $82 billion USD in remittances in 2019. Federal Bank claims a market share of more than 15% of the remittance market in India.
Grant Lines, MoneyGram Chief Revenue Officer, said that Federal Bank is well known in India as a pioneer in digitizing financial services:
“This partnership is especially important during this ongoing COVID-19 pandemic so families can receive money from the comfort of their own home.”
Shalini Warrier, Executive Director of Federal Bank, said they were pleased with the partnership and now non-resident Indians will be able to transfer money in a reliable and low-cost method:
“Digital at the fore, human at the core”. The tie up with MoneyGram is yet another example of how the Bank has used innovative technology to deliver a superior customer experience. Being a leading player in the remittance and Non-Resident space, we are confident that this tie-up with MoneyGram will provide huge benefits to customers.”
MoneyGram supports money transfers in more than 200 countries and territories, with more than 70 countries now digitally enabled.
Federal Bank has a branch network of 1,276 branches and 1,937 ATMs/Recyclers spread across the country.