India’s homegrown Paytm Payments Bank and MoneyGram International, Inc. (NASDAQ: MGI), the global leader in the evolution of digital P2P payments, today announced a partnership to enable MoneyGram customers globally to send money in real-time to a Paytm Wallet user in India. This is an important milestone in the digitization of the Global Receive Network.
With this partnership, MoneyGram users abroad can now conveniently transfer money to full KYC Paytm wallet users in India from the comfort of their homes. Paytm Payments Bank has millions of wallet customers, who use the Paytm Wallet for its convenience including having greater control on their expenses, highly secure payments, fast forward on utility bill payments, and seamless integration across mobile, online and in-store payments and so much more.
This is MoneyGram’s first mobile wallet partnership in India and is an important development as the country’s evolution to digital receives is occurring rapidly. 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 MoneyGram expects higher growth rates as customers in India continue to value the convenience of digital receives.
“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, 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.”
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.”
According to the World Bank 2020 estimates, India is the world’s largest inbound market with remittances estimated at USD83B for the year.