MoneyGram Partners with Federal Bank to expand Account Deposit Capabilities to Millions of Consumers in India. Through this partnership, millions will be able to receive deposits directly in their bank accounts without leaving the confines of their homes which is imperative in the current situation.
Chennai, 14 May 2020 – MoneyGram Payment Systems, Inc., a wholly-owned subsidiary of MoneyGram International, Inc. (NASDAQ: MGI), a global leader in cross-border P2P payments and money transfers, today announced that it has entered into a partnership with The Federal Bank Limited, a leading private sector Bank in India, for a strategic partnership to offer a cost-effective direct to bank account credit option for customers in India.
“Federal Bank is known throughout India as a pioneer in digitizing financial services. And we’re proud to partner with them to enable millions of people the option to receive money directly into their bank account,”
“This partnership is especially important during this ongoing COVID-19 pandemic. so families can receive money from the comfort of their own home.”
-said Grant Lines, MoneyGram Chief Revenue Officer.
About the world’s top recipient of remittances
According to the World Bank, India remains the world’s top recipient of remittances. And is estimated to have received more than $82 billion USD in remittances in 2019. Federal Bank enjoys a market share of more than 15% of the remittance market in India. And the tie-up with MoneyGram is expected to provide a further boost to this business.
“We are pleased to announce our Rupee remittance tie-up with MoneyGram. Non-Resident Indians can now enjoy a modern, low cost, fast, easy, and more reliable way of transferring money to India. At Federal Bank, we believe in “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. But we are confident that this tie-up with MoneyGram will provide huge benefits to customers” said Shalini Warrier, Executive Director of Federal Bank.
About MoneyGram International, Inc.
MoneyGram is a global leader in cross-border P2P payments and money transfers. Its consumer-centric capabilities enable family and friends to quickly. And affordably send money in more than 200 countries and territories, with more than 70 countries now digitally enabled.
MoneyGram leverages its modern, mobile, and API-driven platform. And collaborates with the world’s leading brands to serve millions of people each year through both its walk-in business and its direct-to-consumer digital business.
With a strong culture of innovation and a relentless focus on utilizing technology to deliver the world’s best customer experience. But MoneyGram is leading the evolution of digital P2P payments.
For more information, please visit MoneyGram.com and follow @MoneyGram
