MoneyGram, a peer-to-peer remittance firm, has collaborated with Paytm Payments Bank to enable international fund transfers directly to Paytm Wallet.
MoneyGram users in other countries can now send money to any Paytm wallet that is fully KYC-compliant. In India, this is MoneyGram’s first mobile wallet relationship. MoneyGram transactions received digitally in India now account for approximately half of all transactions received in the country. From slightly under 10% two years ago, the number of transactions paid straight to bank accounts has increased by about six times.
“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,” said Satish Kumar Gupta, MD & CEO, Paytm Payments Bank.
MoneyGram claims that this cooperation will turn its mobile wallet capabilities into one of the world’s largest receive markets.
“The digitisation 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,” said MoneyGram chairman and CEO Alex Holmes.