MoneyGram, PSBC sign money transfer services deal

Friday 10 January 2014 11:02 CET | News

International money transfer provider MoneyGram has entered an agreement with Postal Savings Bank of China (PSBC), a Chinese commercial retail financial institution, to provide money transfer services in approximately 3,700 locations.

With the addition of PSBC to MoneyGram’s agent network and the rollout of MoneyGram’s money transfer services to mainland locations, services are currently available at approximately 20,000 locations in China.

PSBC was part of China Post until its spin off in March 2007 as a separate entity. PSBC provides an array of financial services including micro financing to rural and urban customers, small and medium enterprise, in-branch service, internet banking, telephone banking and mobile banking.

In recent news, MoneyGram has entered an agreement with Russian mobile phone retailer MTS, to offer money transfer services in the latter’s stores throughout Russia.

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Keywords: MoneyGram, PSBC, money transfer, retail, micro financing, in-branch service, internet banking, telephone banking, mobile banking
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce