Through this collaboration, consumers in Saudi Arabia will gain the ability to leverage the barraq mobile app for sending funds to their family and friends across the globe. This service is facilitated by MoneyGram's advanced cross-border technology platform, which enables recipients to access their funds through various digital methods and retail locations globally.
In the company press release, representatives from MoneyGram expressed excitement about the partnership with barraq, emphasising MoneyGram's extensive network, technological capabilities, and mobile APIs. The partnership aims to tap into the potential of barraq, projected to be the Middle East's fastest-growing financial app, to reach new customers and improve MoneyGram's position in one of the world's largest outbound remittance regions.
MoneyGram has solidified its position as a remittance partner in the Middle East's digital ecosystem. The partnership with barraq signifies opportunities for further expansion as MoneyGram continues to strengthen relationships with existing partners in the Middle East.
Representatives from barraq talked about MoneyGram's status as a trusted money transfer provider with a vast global network and anticipated barraq's app to rank highly among digital wallet options due to its features, secure payment methods, and device compatibility.
MoneyGram International, Inc. enables consumers and businesses to move and manage money across nearly every country globally. Through its cross-border platform, MoneyGram facilitates millions of transactions annually, allowing consumers to send money for cash pickup, direct bank deposits, or mobile wallet transfers. Digital transactions now constitute over 50% of MoneyGram's money transfer business, reflecting its digital-first and customer-centric approach.
In March 2024, MoneyGram announced a partnership with Trustly to introduce cardless payments for users across Europe. At the time, the official press release detailed that the collaboration intended to support the launch cardless payments.
MoneyGram Online (MGO), the company’s website and app, enables customers to send international money transfers with increased flexibility by paying directly from their bank accounts. The service, made possible through Trustly’s Open Banking platform, allows MGO users to bypass the need to manually enter card information on the app.
In July 2023, MoneyGram collaborated with Venezuela-based bank Banesco to expand its digital receive network. Following this partnership, Venezuelan consumers gained the ability to receive funds directly into their Banesco bank accounts. The new account deposit service extended by MoneyGram was made possible through the company’s global digital receive network. MoneyGram enabled its customers to cash in and cash out more than 135 currencies as well as cryptocurrencies.
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