This collaboration is aimed at expanding MoneyGram's services in the Asia-Pacific (APAC) and Europe, Middle East, and Africa (EMEA) regions, with future plans for Latin America (LATAM). Moreover, the move is expected to enhance MoneyGram’s digital transaction capabilities and widen its reach in new markets.
The World Bank reports that, as of the first quarter of 2024, the global average cost for cross-border transactions was 6.35%, with traditional bank services being the most expensive option at 12.66%. Through this partnership, MoneyGram aims to streamline cross-border payments and reduce costs by integrating its technology with dLocal's payout solutions and local payment methods, such as digital wallets and bank accounts. This collaboration is expected to provide faster and more affordable transactions for consumers in high-growth markets.
In the company press release, officials from MoneyGram, stated that the partnership with dLocal is part of the company's strategy to reach more consumers globally. Thet noted that dLocal’s expertise in emerging markets will help improve the remittance experience for millions of users.
DLocal representatives highlighted that the partnership is focused on leveraging technology and local knowledge to enhance financial access in developing markets. They emphasised that the goal is to provide faster and more inclusive payment services.
MoneyGram International, Inc. provides financial services enabling both consumers and businesses to transfer and manage money in nearly every country. Its cross-border platform allows users to send money, which can be received in cash, directly into a bank account, or through a mobile wallet or card.
The company has also integrated blockchain technology, allowing users to buy, sell, and hold digital currencies through its app. MoneyGram operates a wide cash distribution network, serving as a key provider for converting between traditional and digital currencies. The company employs over 2,000 people across 36 countries and processes transactions worth more than $200 billion annually, with digital transactions accounting for over half of its money transfer business.
dLocal connects global merchants with consumers in emerging markets across Africa, Asia, and Latin America. The company’s approach simplifies international transactions by providing a unified platform for accepting payments, sending payouts, and settling funds, without requiring multiple local entities or processors in each market.
For more information about dLocal, please check out their detailed profile in our dedicated, industry-specific Company Database.
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