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With the
partnership, MoneyGram customers across the globe can directly send money to a
Paytm wallet in India
Mumbai, 23 December 2021: India’s homegrown Paytm Payments Bank and MoneyGram International, Inc. (NASDAQ: MGI), the global leader in the evolution of
digital P2P payments, today announced a partnership to enable MoneyGram
customers globally to send money in real-time to a Paytm Wallet user in India.
This is an important milestone in the digitization of the Global Receive
Network.
With this partnership, MoneyGram users abroad can now
conveniently transfer money to full KYC Paytm wallet users in India from the
comfort of their homes. Paytm Payments Bank has millions of wallet customers,
who use the Paytm Wallet for its convenience including having greater control
on their expenses, highly secure payments, fast forward on utility bill
payments, and seamless integration across mobile, online and in-store payments
and so much more.
This is MoneyGram’s first mobile wallet partnership in
India and is an important development as the country’s evolution to digital
receives is occurring rapidly. 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 MoneyGram expects
higher growth rates as customers in India continue to value the convenience of
digital receives.
“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,
such as 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.”
Satish
Kumar Gupta, MD & CEO – Paytm Payments Bank Ltd said, “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. Paytm Wallet is used by millions of Indians and we hope that this partnership will offer unmatched
convenience & flexibility to the Indian diaspora across the world to send
money home in real-time."
According to the World Bank 2020 estimates, India is
the world’s largest inbound market with remittances estimated at USD83B 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.
About Paytm
Payments Bank:
Paytm Payments Bank offers digital banking including
savings accounts, current accounts, fixed deposits with partner banks, and
balance in 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
issuer of FASTags in India, as of March 31, 2021.
To know more please visit: https://www.paytmbank.com/
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