MoneyGram (MGI) Boosts Middle East Network With urpay Deal
MoneyGram International, Inc. MGI recently announced that it is expanding its cross-border money transfer business by joining forces with Saudi Arabia's urpay. The move is expected to boost MoneyGram’s presence in the Middle East region.
Users of urpay, a digital wallet from financial global digital solutions company neoleap, based in Saudi Arabia, will be able to utilize MoneyGram’s massive network to send money. The deal brings in millions of urpay users under MoneyGram’s radar, thus boosting its international exposure. The partnership is anticipated to come online in the beginning of the next year.
The latest deal marks another win for MoneyGram’s API-driven infrastructure and worldwide network. Through this partnership, MGI, a leader in digital peer-to-peer payment evolution, is expected to capitalize on a massive remittance services market in the Middle East. More new deals in neighbouring countries can be expected from the company in the near future, further boosting its footprint in Asia. This positions the company for long-term growth.
MoneyGram’s total received digital transactions though the MoneyGram platform hit an all-time high in third quarter 2021, reflecting growth of 63% from the prior-year period. The latest deal with urpay is likely to stimulate the growth momentum. Given the stiff competition prevalent in the U.S market, the company’s focus on diversifying its revenue mix geographically to align with the global remittance market growth rate bodes well. Last month, it announced that it is expanding its mobile wallet network in Asia by joining forces with Bangladesh's mobile financial service provider, bKash. The deal was expected to bring in more than 55 million bKash users under MoneyGram’s radar.
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