MoneyGram Announces Agreement to Join Pay+ Mobile Wallet to Expand Digital Presence in the Middle East
MoneyGram International (MGI) has signed a partnership agreement to integrate its international money transfer services with Pay+, a mobile wallet by Ooredoo Oman and the National Bank of Oman. This move, set to launch next month, allows consumers in Oman to perform deposits, withdrawals, bill payments, and money transfers in near real-time, utilizing MoneyGram's extensive global network. The partnership aims to enhance MoneyGram's digital growth in the Middle East and respond to the increasing demand for mobile payment solutions.
- Strategic partnership with Ooredoo and NBO to enhance service offerings.
- Expansion into Oman, a major market for outbound remittances.
- Integration with Pay+ to provide real-time money transfer capabilities.
- None.
DALLAS, March 18, 2021 /PRNewswire/ -- MoneyGram International, Inc. (NASDAQ: MGI), a global leader in cross-border P2P payments and money transfers, today announced it signed an agreement to launch its leading international money transfer capabilities on Pay+, a mobile wallet powered by Ooredoo Oman and the National Bank of Oman (NBO). Pay+ is a first-to-market development that will empower consumers in Oman to make deposits, withdrawals, bill payments and local and international money transfers. This partnership will give customers the ability to use the mobile wallet to transfer money in near real-time with access to the MoneyGram global distribution network which spans over 200 countries and territories.
"Consumer demand for real-time payments and mobile wallets continues to surge, so this expansion with one of our largest and fastest growing digital partners is yet another milestone on our journey to lead the evolution of digital P2P payments," said Alex Holmes, MoneyGram Chairman and Chief Executive Officer. "As our digital partners are increasingly looking to utilize our modern, mobile and API-driven infrastructure, this integration through Pay+ will provide scale to its existing digital offerings and instant access to our cross-border payments and money transfer services."
This strategic partnership expansion will build upon the strong momentum MoneyGram has already developed in the Middle East market and further accelerate digital growth as the Company plans to expand its customer-centric capabilities to Oman, one of the largest markets in outbound international remittances.
"This major, first-to-market, development will change the way customers transfer money," said Ian Dench, Chief Executive Officer at Ooredoo. "Pay+ was designed with customer needs in mind and together with our partners, MoneyGram and NBO, the ground-breaking mobile wallet will continue to set standards in the Sultanate's evolving digital payments ecosystem."
"As we successfully execute our strategy to accelerate digital growth and expand access to mobile wallet capabilities, consumers around the world are seeing the value in our digital transformation," said Grant Lines, MoneyGram Global Chief Revenue Officer. "Through this upcoming launch, we are doubling down our efforts in key send corridors such as Oman and, in turn, providing new and innovative technologies and more digital payment options to consumers around the globe."
The partnership is expected to be live for consumers in the next month.
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 Oman
Omani Qatari Telecommunications Company SAOG ("Ooredoo") was founded and registered in the Sultanate of Oman in December 2004. Services were launched its service in March 2005, originally operating under the name Nawras. As Oman's data experience leaders, Ooredoo provides individuals and businesses with cutting edge digital products and services, so that customers can enjoy the internet. Ooredoo generated revenues of OMR 285.5 million as of 31 December 2019 and is listed on the Muscat Stock Market (MSM) under the "ORDS" ticker.
About Ooredoo
Ooredoo is an international communications company operating across the Middle East, North Africa and Southeast Asia. Serving consumers and businesses in 10 countries, Ooredoo delivers the leading data experience through a broad range of content and services via its advanced, data-centric mobile and fixed networks. Ooredoo generated revenues of USD 8.2 billion as of 31 December 2018. Its shares are listed on the Qatar Stock Exchange and the Abu Dhabi Securities Exchange.
About National Bank of Oman
NBO, the first local commercial bank in the Sultanate of Oman, was founded in 1973 and is today one of the leading banks in Oman. The Bank serves its customers in Oman through 60 Branches, more than 180 ATM/FFM/CCDMs as well as two Branches in U.A.E.
The Bank is committed to community improvement through its corporate citizenship programs and is an active supporter of a range of worthy causes in Oman, with emphasis on health and human services, civic, education, environment, youth, women, arts and culture.
MoneyGram Media Contact
Stephen Reiff
media@moneygram.com
Ooredoo Media Contacts
Emily Shotter
emily.shotter@ooredoo.om
Sudipta Dasgupta
Sudipta.Dasgupta@traccs.net
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SOURCE MoneyGram
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