Paytm Payments Bank and MoneyGram International announced a partnership today that will allow MoneyGram customers around the world to send money to a Paytm Wallet user in India in real-time.
While announcing the collaboration 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. 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.”
MoneyGram users outside of India can now send money to full KYC Paytm wallet users in India from the comfort of their own homes thanks to this partnership. Millions of customers use the Paytm Wallet for its convenience, which includes greater control over their expenses, highly secure payments, utility bill payments in a flash, and seamless integration across mobile, online, and in-store payments, among other things.
This is MoneyGram’s first mobile wallet partnership in India, and it’s a significant step forward as India’s transition to digital payments accelerates. MoneyGram transactions received digitally in India now account for nearly half of all transactions received in the country. According to the company from just under 10% two years ago, the number of transactions sent directly to bank accounts has increased by about six times. MoneyGram expects higher growth rates as a result of this, as Indian customers continue to value the convenience of digital transfers.
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.”
For the latest gadget and tech news, and gadget reviews, follow us on Twitter, Facebook and Instagram. For newest tech & gadget videos subscribe to our YouTube Channel. You can also stay up to date using the Gadget Bridge Android App. You can find the latest car and bike news here.
