MoneyGram expands mobile wallet network in Asia

With this launch, over 55 million bKash wallet users in Bangladesh will now be able to receive funds instantly from across the globe

MoneyGram

MoneyGram expands mobile wallet network in Asia. Source: pexels.com

MoneyGram International has announced the expansion of its mobile wallet network through the integration with bKash, Bangladesh’s mobile financial service provider.

This is the latest integration as part of MoneyGram’s ongoing partnership with Thunes, a B2B company that powers payments for the world’s fastest-growing businesses.

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 millions of bKash wallet users in a large and growing market. 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% year-over-year growth, and this partnership will further support this strong growth. As consumer preferences shift toward receiving transfers digitally, MoneyGram is committed to offering innovative financial solutions and is well-positioned to meet these demands
Alex Holmes, MoneyGram Chairman and CEO

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 USD flowed into Bangladesh in the form of remittances in 2020, accounting for almost 7% of the country’s GDP in the year. This latest integration with bKash will increase access to direct remittance services and help accelerate financial inclusion in Bangladesh.

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