MoneyGram International, Inc.(NASDAQ: MGI),the global leader in the evolution of digital P2P payments, Monday announced the expansion of its mobile wallet network through the integration withbKash, Bangladesh’s leadingmobile financial service (MFS) provider, said a press release.
This is the latest integration as part of MoneyGram’s ongoing partnership with Thunes, aB2B company that powers payments for the world’s fastest-growing businesses. With this launch, about56 million bKash wallet users in Bangladesh will now be able to receive funds instantly from around the world via 9 local bank accounts, retail partners, and other digital methods.
“The digitization of our receive networkis a core component of our growth strategy, and this latest integration can help improve the financial lives of around56 million bKash wallet users in a large and growing market,” said Alex Holmes, MoneyGram Chairman and CEO.
“As we recently announced, total transactions received digitally through the MoneyGram platform reached a new all-time high in the third quarter of this year, with 63% year-over-yeargrowth, and this partnership will further support this strong growth.As consumer preferences shift toward receiving transfers digitally, MoneyGram is committed to offering innovative financial solutions and iswell-positioned to meet these demands.”
Across many areas of the world, especially in parts of Asia,remittances remain a vital role in consumer lives, while demand for digital options and mobile wallets continues to surge. According to the World Bank1, an estimated 22 Billion USD flowed into Bangladesh in the form of remittances in 2020, accounting for almost 7% of the country’s GDP in the year.This latest integration with bKash will increase access to direct remittance services and help accelerate financial inclusion in Bangladesh.
“We believe that access to fast and affordable global payments is one of the basic human rights, and that technology can help us achieve it,” said Peter De Caluwe, CEO of Thunes.“We are glad to partner with MoneyGram and bKash to get us one step closer to that vision and enable seamless digital payments to the vibrant Bangladeshi community.”
