![]() ![]() Fortunately, the rise of new technologies, such as blockchain and digital currencies, are helping to improve access to affordable financial products and services. Many consumers who deal primarily in cash often are unbanked with current financial systems that don’t meet their needs. MoneyGram provides consumers with multiple options for both scenarios with a digital presence in more than 100 countries and one of the largest global cash receive networks in the world. The level of cash use varies from country to country, and MoneyGram transactions reflect this divide: In India, approximately 80% of transactions are received digitally, while in Mexico, roughly 95% are still picked up in cash. That’s about 2 billion people worldwide who depend on cash for their livelihoods, without easy access to the digital economy. ![]() Today, about 60% of the world’s adult workforce gets paid in cash. Making money transfers more accessible also means addressing the needs of the incredibly large number of people around the world who still rely exclusively on cash. Overall, digital transactions, like the ones performed through urpay, now account for 44% of all MoneyGram money transfers. The partnership enables urpay to seamlessly connect to MoneyGram’s global network to provide its millions of users the ability to send money around the world. Now, MoneyGram’s platform is driven by an API infrastructure allowing third-party finance apps and services to seamlessly integrate into MoneyGram’s global ecosystem.įor example, MoneyGram recently announced a partnership with urpay – a digital wallet powered by neoleap, the Saudi-based global digital financial solutions company – to enable digital cross-border money transfers from the Middle East, one of the world’s key regions for outbound remittances. So how does it all work? To build its fast-growing digital business, MoneyGram overhauled its legacy technology systems, built a direct-to-consumer digital channel, and modernized its operating model to streamline and digitize the organization. “When you look at digitization of the remittance market, price isn’t everything, but it is certainly one of the most important aspects.” “We have to think about how customers will view the product, the needs of each individual customer, and the role pricing plays in it,” says Alex Holmes, Chairman and CEO of MoneyGram. Making money transfers user-friendly and digital has expanded MoneyGram’s business to serve more than 150 million people worldwide, with the company’s digital channel being the fastest growing arm of the business. The ability to post a payment digitally within minutes, along with lower transfer fees and clarity on exchange rates, allows for much more efficient and transparent money movement. MoneyGram also guarantees foreign exchange rates, so consumers aren’t left guessing how much they’ll receive. That is significantly below the industry average and well ahead of the UN Sustainable Development Goal to reduce transaction costs of remittances to less than 3% by 2030. MoneyGram, on the other hand, allows users to send and receive money directly via a digital medium like the company’s leading mobile app or a mobile wallet partner at a fraction of the cost of traditional wire transfers.ĭue to a pre-pandemic digital transformation, MoneyGram has lowered its cost structure, bringing its average fee to consumers down to 2.9% of funds transferred. The cost of traditional bank-to-bank transfers can quickly pile up, especially if a person is sending smaller sums of money. The reliable flow of peer-to-peer (P2P) payments during trying times, as well as partnerships with innovative blockchain and digital currency companies that are working to further streamline the process, illustrate how these companies can enable more straightforward financial solutions that prioritize accessibility around the world. To address that pivotal gap in access, inclusive cross-border solutions are being provided largely by global remittance companies such as MoneyGram. According to the World Bank, 1.4 billion adults globally are unbanked which means that this requirement leaves numerous families around the globe without essential funds when they need them most. Plus, the majority of those financial institutions require access to a bank account to be able to send money. However, many banks continue to offer convoluted cross-border payment options with expensive wire transfer fees and slow, opaque transaction processes. remittances, have become even more of a critical lifeline during recent economic hardships - from the pandemic to rising global inflation and concerns over a potential recession. For many migrant families, cross-border payments, i.e. ![]()
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