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Paytm Payments Bank Partners With MoneyGram To Enable International Fund Transfers Directly To Paytm Wallet
Paytm (Representative Image)
Paytm Payments Bank has entered into a partnership with a peer-to-peer remittance company MoneyGram to enable international fund transfer directly to Paytm wallet, reports Times of India.
With this partnership, MoneyGram customers around the globe can send money in near real-time directly to the millions of fully KYC compliant Paytm Wallets in India.
This is the MoneyGram's first mobile wallet partnership in India.
"With this mobile wallet partnership with Paytm Payments Bank, the Company expects more high growth rates as customers in India continue to value the convenience of digital receives," MoneyGram said in a statement on Wednesday (22 December).
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 short years ago, the company 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," said Alex Holmes, MoneyGram Chairman and CEO.
"The digitization of our receive network is a core component of our growth strategy which has led to exceptional results including 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," Holmes added.
"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. We are pleased to partner with MoneyGram, which is a trusted brand for money transfers globally," said Satish Kumar Gupta, MD & CEO, Paytm Payments Bank Ltd.
"The Paytm Wallet is used by millions of Indians, and we hope that we continue to offer unmatched convenience and flexibility to the Indian diaspora across the world to send money home instantaneously," he added.
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