MoneyGram Payment Systems, a global leader in cross-border peer-to-peer payments and money transfers, said on Thursday it has entered into a partnership with the Federal Bank for a strategic partnership to offer cost-effective direct-to-bank-account credit option for customers in India.
Through this partnership, millions will be able to receive deposits directly in their bank accounts without leaving the confines of their homes which is imperative in the current situation.
"This partnership is especially important during this ongoing COVID-19 pandemic so families can receive money from the comfort of their own home," said Grant Lines, MoneyGram Chief Revenue Officer.
According to the World Bank, India remains the world's top recipient of remittances and is estimated to have received more than 82 billion dollars in remittances in 2019.
Federal Bank enjoys a market share of more than 15 per cent of the remittance market in India, and the tie-up with MoneyGram is expected to provide a further boost to this business.
"The tie-up with MoneyGram is yet another example of how the bank has used innovative technology to deliver a superior customer experience," said Shalini Warrier, Executive Director of Federal Bank.
( With inputs from ANI )