Federal Bank announced on Thursday that it has entered into a partnership with money transfer company MoneyGram Payment Systems, a wholly-owned subsidiary of MoneyGram International.
Federal Bank announced on Thursday that it has entered into a partnership with money transfer company MoneyGram Payment Systems, a wholly-owned subsidiary of MoneyGram International. It is a global leader in cross-border P2P payments and money transfers. Bank sources said that through this partnership, millions of Indians will be able to receive deposits directly in their bank accounts without leaving the confines of their homes which is imperative in the current situation.
Shalini Warrier, executive director of Federal Bank, said that NRIs can now enjoy a modern, low cost, fast, easy and more reliable way of transferring money to India.
“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,” she added.
According to the World Bank, India remains the top recipient of remittances and is estimated to have received more than $82 billion in remittances in 2019.
Federal Bank enjoys a market share of more than 15% of the remittance market in India, and the tie-up with MoneyGram is expected to provide a further boost to this business.
“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.This partnership is especially important during this ongoing COVID-19 pandemic so families can receive money from the comfort of their own home.,” said Grant Lines, MoneyGram Chief Revenue Officer.