MoneyGram Payment Systems has entered into a strategic partnership with The Federal Bank Limited, a leading private sector Bank in India, to offer a cost-effective direct to bank account credit option for customers in India. This partnership will help millions in receiving deposits directly in their bank accounts without the need to step out from their homes and staying safe during the crisis.
“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 is world’s top recipient of remittances and has received over $82 billion in remittances in 2019. Federal Bank has a market share of more than 15% of the remittance market in India, and its partnership 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.