MoneyGram to offer direct-to-account deposits in India through tie up with Federal Bank
MoneyGram Payment Systems, Inc., a wholly owned subsidiary of MoneyGram International, Inc. (NASDAQ: MGI), a global leader in cross-border P2P payments and money transfers, today announced that it has entered into a partnership with The Federal Bank Limited, a leading private sector Bank in India, for a strategic partnership to offer a cost-effective direct to bank account credit option for customers in India.
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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 is known throughout India as a pioneer in digitizing financial services, and we’re proud to partner with them to enable millions of people the option to receive money directly into their bank account,” said Grant Lines, MoneyGram Chief Revenue Officer. “This partnership is especially important during this ongoing COVID-19 pandemic so families can receive money from the comfort of their own home.”
According to the World Bank, India remains the world’s top recipient of remittances and is estimated to have received more than $82 billion USD in remittances in 2019. Federal Bank enjoys a market share of more than 15% of the remittance market in India, and the tie-up with MoneyGram is expected to provide a further boost to this business.
“We are pleased to announce our Rupee remittance tie-up with MoneyGram. Non-Resident Indians can now enjoy a modern, low cost, fast, easy and more reliable way of transferring money to India. At Federal Bank, we believe in “Digital at the fore, human at the core”. The tie up with MoneyGram is yet another example of how the Bank has used innovative technology to deliver a superior customer experience. 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.