DALLAS—MoneyGram International has expanded its mobile wallet network through the integration with bKash, Bangladesh's leading mobile financial service provider, the company reported.
The move is the latest integration in the ongoing partnership between MoneyGram and Thunes, a B2B company that provides payments to many businesses. With the launch, more than 55 million bKash wallet users in Bangladesh will now be able to receive funds instantly from around the world, MoneyGram said.
"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," Alex Holmes, MoneyGram chairman and CEO, said in a statement. "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."
A ’Vital Role
MoneyGram noted that 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% of the country's GDP in the year.
The company claimed 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."