MoneyGram Announces New Partnership with Mobily Pay to Reach Millions of New Mobile Wallet Users in Saudi Arabia
MoneyGram International (NASDAQ: MGI) has partnered with Mobily Pay, a mobile wallet service in Saudi Arabia, to enhance money transfer capabilities for users. This partnership allows consumers to send money globally in near real-time, significantly expanding Mobily Pay's digital offerings. MoneyGram aims to capitalize on the growing mobile wallet adoption, leveraging its API-driven infrastructure to process more payments. The collaboration supports both companies' digital growth in a key remittance market, with the service expected to launch later this year.
- Partnership with Mobily Pay enhances MoneyGram's reach in the Saudi Arabian market.
- Enables near real-time money transfers for Mobily Pay users worldwide.
- Expansion of MoneyGram's digital offerings supports future growth in digital payments.
- Strengthens MoneyGram's position in one of the largest and fastest-growing remittance markets.
- None.
Consumers in Saudi Arabia, one of the world's largest remittance markets, can now use the Mobily Pay mobile wallet to send money in near real-time around the world
DALLAS, June 2, 2022 /PRNewswire/ -- MoneyGram International, Inc. (NASDAQ: MGI), a global leader in the evolution of digital P2P payments, and Mobily Pay, a pioneering mobile wallet powered by leading Saudi-based telecommunications and digital service provider Mobily, today announced a partnership to launch MoneyGram's leading international money transfer capabilities on Mobily Pay. This partnership empowers millions of consumers in Saudi Arabia to use the Mobily Pay mobile wallet to send money in near real-time around the world.
This launch marks the latest successful integration of MoneyGram's growing white-label offering that enables financial technology companies to access its leading global money transfer network. Through this partnership, Mobily Pay will boost its existing digital offerings by adding new services and scale, while MoneyGram will efficiently expand the number of payments it processes through its powerful API-driven infrastructure and best-in-class technology.
"We're excited to partner with Mobily Pay to reach millions of new consumers in Saudi Arabia with our leading global network," said Alex Holmes, MoneyGram Chairman and CEO. "The digitization of our global network is a core component of our growth strategy, and we continue to report exceptional results. As mobile wallet adoption growth accelerates, digital partnerships with companies like Mobily Pay create tremendous value for consumers and strengthen our leading position in this fast-growing market."
MoneyGram's integration with Mobily Pay also builds upon its strong momentum and recent successes with digital partners in the Middle East. This partnership further accelerates both companies' digital growth in one of the world's largest remittance countries, and fastest growing mobile wallet markets.
"MoneyGram is one of the leading and most reliable international money transfer companies. Thanks to this new strategic partnership, Mobily Pay users will be able to transfer money – to a bank account, digital wallet, or cash – through a global network of more than 200 countries and regions," said Ayman Aleissa, CEO of Mobily Pay. "This new partnership reflects Mobily's strategic endeavors to deliver a superior user experience by providing comprehensive digital services that elevates the lifestyle of individuals and confirms Mobily's keenness to continue supporting the digital transformation process in the Kingdom."
The partnership is expected to be live for consumers later this year.
About MoneyGram International, Inc.
MoneyGram International, Inc. (NASDAQ: MGI), a global leader in the evolution of digital P2P payments, delivers innovative financial solutions to connect the world's communities. With a purpose-driven strategy to mobilize the movement of money, a strong culture of fintech innovation, and leading customer-centric capabilities, MoneyGram has grown to serve over 150 million people in the last five years. The Company leverages its modern, mobile, and API-driven platform and collaborates with the world's top brands to serve consumers through its direct-to-consumer digital channel, global retail network, and embedded finance business for enterprise customers. MoneyGram is also a leader in pioneering cross-border payment innovation and blockchain-enabled settlement. For more information, please visit ir.moneygram.com, follow @MoneyGram on social media, and explore the website and mobile app through moneygram.com.
About Mobily Pay
Mobily Pay is a wholly owned subsidiary of Etihad Etisalat Company (Mobily); established to address customers' needs by offering comprehensive individual and corporate Fintech solutions. Mobily Pay solutions are set to be made available to all customers across the Kingdom through major application stores on smart devices, with more details about the launch of the company's offerings coming soon.
MoneyGram Media Contact
Sydney Schoolfield
media@moneygram.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/moneygram-announces-new-partnership-with-mobily-pay-to-reach-millions-of-new-mobile-wallet-users-in-saudi-arabia-301560134.html
SOURCE MoneyGram
FAQ
What is the new partnership between MoneyGram and Mobily Pay?
When will the MoneyGram and Mobily Pay service be available?
How will the MoneyGram and Mobily Pay partnership benefit consumers?
What are the advantages of the integration of MoneyGram with Mobily Pay?
Why is the partnership between MoneyGram and Mobily Pay significant?
