Home ›› 23 Nov 2021 ›› Corporate
MoneyGram International, the global leader in the evolution of digital P2P payments, has announced the expansion of its mobile wallet network through the integration with bKash, a mobile financial service provider of BRAC Bank.
The integration is part of MoneyGram’s ongoing partnership with Thunes, a B2B company that powers payments for the world’s fastest-growing businesses.
With this launching, about 56 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, said a press release on Monday.
“The digitization of our receive network is a core component of our growth strategy, and this latest integration can help improve the financial lives of around 56 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 per cent year-over-year growth, and this partnership will further support this strong growth.”
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 Bank, an estimated $22 billion flowed into Bangladesh in the form of remittances in 2020, accounting for almost 7 per cent of the country’s GDP in the year.
The 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”.
bKash is a high growth player in the digital landscape of Bangladesh. Along with receiving remittances in real-time, bKash wallets can be used to pay for a variety of products and services ranging from mobile recharge to utility bill payments to bank-bKash money transfer to payments of various food delivery and ridesharing services.
A study released earlier this year by Bangladesh Institute of Development Studies (BIDS) found that household incomes for bKash users had risen over 15 per cent, partly due to the ease and speed of transferring emergency funds to Bangladesh during recent cyclones and flooding.
During the pandemic, bKash has helped Bangladesh boost its inbound remittance and promoted cashless transactions further by offering 1 per cent cash bonus on top of 2 per cent government incentive and wide range of payments solutions.
MoneyGram is leading the evolution of digital P2P payments. With a purpose-driven strategy to mobilise the movement of money, a strong culture of fintech innovation, and leading customer-centric capabilities, MoneyGram has grown to serve nearly 150 million people around the world over the last five years.
The company leverages its modern, mobile, and API-driven platform and collaborates with the world’s leading brands to serve consumers through MoneyGram Online (MGO), its direct-to-consumer digital business, its global retail network and its emerging embedded finance business for enterprise customers, MoneyGram as a Service.
Thunes is a B2B company that powers payments for the world’s fastest-growing businesses. Through a single, simple connection, consumers and businesses can send payments to – and get paid in – every corner of the world. Thunes currently supports 60+ currencies, enables payments to 115 countries, and helps to accept 285+ payment methods. Thunes is headquartered in Singapore with regional offices in London, Paris, Shanghai, New York, Dubai, and Nairobi.
