Ripple’s strategic partner MoneyGram, has recently sealed a partnership with the Federal Bank, one of the largest banks in the second-most populous country in the world, India.
Details of the Partnership between MoneyGram and Federal Bank
According to the report, the partnership has now enabled the customers of the bank to receive remittances directly into their bank accounts, which eases them of the stress of queuing in the banking hall.
Reacting to the new development, Grant Lines, the Chief Revenue Officer (CRO) of MoneyGram, said:
“Federal Bank is known throughout India as a pioneer in digitizing financial services, and we’re proud to partner with them to enable millions of people the option to receive money directly into their bank account. This partnership is especially important during this ongoing COVID-19 pandemic so families can receive money from the comfort of their own home.”
India Remains the World’s Top Recipient of Remittances
As confirmed by the World Bank, India is still the world’s top recipient of remittances and is estimated to have received over $82 billion in remittances in 2019.
MoneyGram’s new partner, Federal Bank enjoys a market share of over 15% of the remittance market in India. Obviously, the recent partnership will greatly complement its business for a better result in the country.
The Executive Director of Federal Bank, Shalini Warrier, said:
“We are pleased to announce our Rupee remittance tie-up with MoneyGram. Non-Resident Indians can now enjoy a modern, low cost, fast, easy, and more reliable way of transferring money to India. At Federal Bank, we believe in Digital at the fore, human at the core.
“The tie-up with MoneyGram is yet another example of how the Bank has used innovative technology to deliver a superior customer experience. Being a leading player in the remittance and Non-Resident space, we are confident that this tie-up with MoneyGram will provide huge benefits to customers.”