Benzinga | Dec 22, 2021 11:06AM EST

MoneyGram Reports Partnership With India's Paytm Payments Bank, No Terms Disclosed

Through new partnership, MoneyGram customers around the globe can now send money in near real-time to Paytm Wallet users in India

As the Company's first mobile wallet partnership in India, this is an important milestone in a market where the evolution to digital receives is occurring rapidly

DALLAS, Dec. 22, 2021 /PRNewswire/ -- MoneyGram International, Inc., a global leader in the evolution of digital P2P payments, today announced a milestone in the digitization of its global receive network with a new partnership with Paytm Payments Bank, India's leading payments bank and a driver of financial inclusion in the country. Through 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.



"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."

MoneyGram transactions in India received digitally currently represent nearly 50% 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% two short years ago. 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.

"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."

According to the World Bank's 2020 estimates1, India is the world's largest inbound market with remittances, estimated at $83 billion USD for the year.