Digital money transfer service MoneyGram (NASDAQ: MGI) recently announced a five-year extension to its partnership with Ooredoo Qatar, a telecommunications operator based in Qatar. MoneyGram reported that the renewal enables its customers to continue to send money in near real-time to family and friends through Ooredoo Money Wallet, which is a virtual account that allows customers to easily deposit, access, or withdraw money.
While sharing more details about the partnership extension, Alex Holmes, MoneyGram Chairman and CEO, stated:
“We’re excited to extend our partnership with Ooredoo Qatar for another five years as we continue to build upon the strong momentum in our digital transformation. As our first fully digital partner back in 2012, Ooredoo has been a driving force in our shift to digital in the Middle Eastern market, and we look forward to seeing our partnership continue to flourish in the years to come.”
Fatima Sultan Al Kuwari, Chief Consumer Officer at Ooredoo Qatar, then added:
“With Qatar being one of the largest outbound international remittance markets, our strategic partnership with MoneyGram continues to help connect friends and family around the world through fast, convenient and affordable money transfer services. The length of the new contract term is a testament to the strength and ongoing success of this partnership, and we are excited about what this means for the future of digital remittances in the Middle East.”
The partnership extension comes less than a couple of months after MoneyGram announced it has expanded real-time digital P2P payments with Visa directly through its new collaboration with Checkout.com. MoneyGram revealed at the time that its customers may now use its website or leading mobile app to send money in near real-time to Visa debit card holders across 575 corridors from 25 countries in Europe.
MoneyGram describes itself as a global provider of innovative money transfer services and is recognized worldwide as a financial connection to friends and family. The company offers person-to-person money transfer and payment services in more than 200 countries and territories through a global network of approximately 350,000 locations, working with retailers, international post offices, and banks.