- MoneyGram and Mobily are joining forces to bring international money transfers to the people of Saudi Arabia.
- This partnership is incredibly beneficial to both parties and their customers.
- The integration of MoneyGram into the Mobily Pay application should be completed by late 2022.
MoneyGram International has announced a partnership with Saudi Arabian-based telecommunications company Mobily and its digital wallet offering, Mobily Pay.
Customers in Saudi Arabia will be able to send money internationally via the MoneyGram global network to Mobily Pay digital wallets and other external parties.
The partnership is in line with the current trend of international money transfer companies joining forces with fintech enterprises – with the mutual goal of consumer satisfaction and access.
It is hard to decipher who has benefited the most from this deal – with both companies and their user bases profiting massively from the endeavor.
For MoneyGram International, this partnership is an opportunity to grow its already impressive global network, which serves more than 200 countries and territories throughout the world.
The company will also be able to push further the capabilities of its API-driven platforms, enabling them to process more transactions for Mobily Pay users.
MoneyGram has declared that part of its development strategy is advancing its “global digital network” to complement the thousands of retail spaces it already owns with online options.
The Middle East is a rapidly expanding market, with Saudi Arabia having the fastest-growing “mobile wallet” user base.
MoneyGram is being especially judicious by helping develop the fintech sector within the country.
Alex Holmes, chairman and chief executive officer of MoneyGram, further elaborated on this point when he said: “The digitization of our global network is a core component of our growth strategy, and we continue to report exceptional results. As mobile wallet adoption growth accelerates, digital partnerships with companies like Mobily Pay create tremendous value for consumers and strengthen our leading position in this fast-growing market.”
Because of this partnership, Mobily Pay and its users will also see great returns.
The chief executive officer of Mobily Pay, Ayman Aleissa, stated: “This new partnership reflects Mobily’s strategic endeavors to deliver a superior user experience by providing comprehensive digital services that elevates the lifestyle of individuals and confirms Mobily’s keenness to continue supporting the digital transformation process in the Kingdom.”
This step is just the beginning of Mobily scaling its business model and expanding its services.
Those Saudis who use Mobily Pay will see many improvements to the user interface, such as being able to utilize MoneyGram’s vast network to complete cross-border payments to hundreds of countries securely and reliably.
Accessing these funds will be made possible through digital wallets, cash withdrawals and traditional bank accounts.
As digital wallets become the preferred medium of the future, residents of Saudi Arabia will be able to keep up with the trends due to alliances such as the one between MoneyGram and Mobily.
This technology will be delivered to Mobily Pay customers by the end of 2022.
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