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MoneyGram Payment Systems has tied up with Federal Bank to offer a cost-effective direct-to-bank account credit option for customers 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,” Federal Bank said in a statement on Thursday.
Private sector Federal Bank has an over 15 per cent share of the country’s remittance market and expects that the tie-up with MoneyGram will give the business a further boost.
“Non-nesident Indians can now enjoy a modern, low cost, fast, easy and more reliable way of transferring money to India. 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,” said Shalini Warrier, Executive Director of Federal Bank.
According to the World Bank, India remains the world’s top recipient of remittances and is estimated to have received more than $82 billion in remittances in 2019.
“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.
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