Comments
Paytm Payments Bank, an associate entity of Paytm, and Nasdaq-listed MoneyGram, a global leader in digital P2P payments, have entered into a partnership to enable MoneyGram customers globally to send money in real-time to a Paytm Wallet user in India.
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. 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 per cent 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 per cent, two years ago.
Also read: Fintech funding soars to $8 b in 2021
With this, MoneyGram expects higher growth rates as customers in India continue to value the convenience of digital receives. Paytm Payments Bank has millions of wallet customers, who use the Paytm Wallet for its convenience including having greater control over 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.
Alex Holmes, MoneyGram Chairman and CEO said, “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.”
He said that the digitisation of Moneygram’s receive network is a “core component of our growth strategy” which has led to exceptional results, such as an all-time high in Moneygram’s 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,” he said.
Also read: Paytm expands rent payment services; offers cashback up to ₹10,000
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.”
India is the world’s largest inbound market with remittances estimated at $83 billion for the year 2020, according to World Bank.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.