This marks MoneyGram’s first mobile wallet partnership in India
The deal will 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.
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
Alex Holmes, MoneyGram Chairman and CEO, said “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.