MoneyGram Advances Mobile Wallet Capabilities with Five-Year Extension to Ooredoo Qatar Partnership

Rhea-AI Summary

MoneyGram International (NASDAQ: MGI) has announced a five-year extension of its partnership with Ooredoo Qatar, enhancing its digital remittance services. This renewal allows customers to send money in near real-time via Ooredoo Money Wallet, significantly benefiting the growing demand for digital payment solutions. Ooredoo was awarded "MoneyGram Global Agent of the Year" for impressive transaction growth in 2020. This collaboration underscores MoneyGram's commitment to digital transformation in the Middle Eastern market.

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• Five-year renewal of partnership with Ooredoo Qatar enhances digital remittance services.
• Recognition as 'MoneyGram Global Agent of the Year' due to significant transaction growth.
• Increased consumer demand for digital payment solutions supports revenue potential.

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• None.

DALLAS, March 4, 2021 /PRNewswire/ -- MoneyGram International, Inc. (NASDAQ: MGI), a global leader in cross-border P2P payments and money transfers, today announced a five-year extension to its partnership with Ooredoo Qatar, the leading telecommunications operator in Qatar. The renewal enables MoneyGram customers to continue to send money in near real-time to family and friends through Ooredoo Money Wallet, a virtual account that allows customers to easily deposit, access or withdraw money.

"We're excited to extend our partnership with Ooredoo Qatar for another five years as we continue to build upon the strong momentum in our digital transformation," said Alex Holmes, MoneyGram Chairman and CEO. "As our first fully digital partner back in 2012, Ooredoo has been a driving force in our shift to digital in the Middle Eastern market, and we look forward to seeing our partnership continue to flourish in the years to come."

Ooredoo was recently awarded "MoneyGram Global Agent of the Year" due to the explosive triple digit year-over-year transaction growth it experienced in 2020 as well as its collaborative strategy to further improve customer experience. As consumer demand for account deposit services and digital options continues to increase, MoneyGram and Ooredoo Qatar are giving consumers the opportunity to send and receive money from the comfort of their own homes, which has been especially important in the last year.

"With Qatar being one of the largest outbound international remittance markets, our strategic partnership with MoneyGram continues to help connect friends and family around the world through fast, convenient and affordable money transfer services," said Fatima Sultan Al Kuwari, Chief Consumer Officer at Ooredoo Qatar. "The length of the new contract term is a testament to the strength and ongoing success of this partnership, and we are excited about what this means for the future of digital remittances in the Middle East." 

About MoneyGram International, Inc.
MoneyGram is a global leader in cross-border P2P payments and money transfers. Its consumer-centric capabilities enable family and friends to quickly and affordably send money in more than 200 countries and territories, with 90 now digitally enabled.

MoneyGram leverages its modern, mobile, and API-driven platform and collaborates with the world's leading brands to serve millions of people each year through both its walk-in business and its direct-to-consumer digital business.

With a strong culture of innovation and a relentless focus on utilizing technology to deliver the world's best customer experience, MoneyGram is leading the evolution of digital P2P payments.

For more information, please visit MoneyGram.com and follow @MoneyGram.

About Ooredoo
Ooredoo is Qatar's leading communications company, delivering mobile, fixed, broadband internet and corporate managed services tailored to the needs of consumers and businesses. As a community-focused company, Ooredoo is guided by its vision of enriching people's lives and its belief that it can stimulate human growth by leveraging communications to help people achieve their full potential.

MoneyGram Media Contact
Stephen Reiff
media@moneygram.com

 

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SOURCE MoneyGram

FAQ

What is the partnership extension between MoneyGram and Ooredoo Qatar?

MoneyGram has extended its partnership with Ooredoo Qatar for five years, enabling enhanced digital remittance services.

How does the partnership with Ooredoo Qatar benefit MoneyGram?

The partnership allows MoneyGram to reach more customers in Qatar, leveraging Ooredoo's infrastructure for digital money transfers.

What recognition did Ooredoo Qatar receive?

Ooredoo was awarded 'MoneyGram Global Agent of the Year' for substantial year-over-year transaction growth.

What impact does the extension of the partnership have on MGI stock?

The extended partnership is likely to bolster MGI's market position and enhance future revenue through increased digital transactions.