MoneyGram, Federal Bank to expand account deposit capabilities to consumers in India

Thursday 14 May 2020 14:28 CET | News

MoneyGram, a global cross-border P2P payments and money transfers provider, has teamed up with The Federal Bank, a private sector Bank in India.

The strategic partnership aims to offer a direct to bank account credit option for customers in India. Through this partnership, millions 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.

According to the World Bank, it is estimated that India has received more than USD 82 billion USD 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, according to the official press release.

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Keywords: MoneyGram, Federal Bank, cross-border P2P payments, money transfers provider, remittances, India
Categories: Banking & Fintech
Countries: India
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Banking & Fintech

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