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Fremont, CA: MoneyGram is leading the evolution of digital P2P payments. 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 nearly 150 million people around the world over the last five years.
MoneyGram International, the global leader in the evolution of digital P2P payments, has integrated its mobile wallet network with bKash, Bangladesh's leading mobile financial service (MFS) provider. This is the most recent integration in MoneyGram's ongoing collaboration with Thunes, a B2B company that powers payments for the world's fastest-growing businesses. With the launch of this feature, more than 55 million bKash wallet users in Bangladesh will now be able to receive funds instantly from anywhere in the world.
"The digitization of our receive network is a core component of our growth strategy, and this latest integration can help improve the financial lives of millions of bKash wallet users in a large and growing market," remarked Alex Holmes, MoneyGram Chairman and CEO. "As we recently announced, total transactions received digitally through the MoneyGram platform reached a new all-time high in the third quarter of this year, with 63% year-over-year growth, and this partnership will further support this strong growth. As consumer preferences shift toward receiving transfers digitally, MoneyGram is committed to offering innovative financial solutions and is well-positioned to meet these demands."
Remittances continue to play an important role in many parts of the world, particularly in Asia, while demand for digital options and mobile wallets continues to rise. According to the World Bank, an estimated 22 billion USD in remittances flowed into Bangladesh in 2020, accounting for nearly 7 percent of the country's GDP that year. This latest integration with bKash will expand access to direct remittance services and aid in the acceleration of financial inclusion in Bangladesh.
bKash is a leading and rapidly growing player in Bangladesh's digital landscape. bKash wallets can be used to pay for a variety of products and services, including utility bill payments, mobile recharge, and payments for various food delivery and ridesharing services, in addition to receiving real-time remittances. A study released earlier this year by the Bangladesh Institute of Development Studies (BIDS) found that household incomes for bKash users had increased by