MoneyGram to provide financial services to economy workers

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  • Individuals who work from project to project will be able to utilise rapid cash transfers from clients through MoneyGram’s new service soon
  • KyckGlobal has integrated with MoneyGram to simplify money transfers to contract workers
  • MoneyGram has invested in upgrading its technology to ensure that companies such as KyckGlobal can integrate with the MoneyGram platform seamlessly


Cross border payments specialist MoneyGram International will be providing instant money transfer services to gig economy workers soon. The American remittance giant has inked a deal with KyckGlobal to make these services possible, according to reports. The partnership will give gig economy workers the option to receive fast transfers for the projects they work on.

“As a result of our partnership with MoneyGram, we can now better serve these workers by providing them with quick and convenient access to receive their hard-earned money in cash", said KyckGlobal CRO, Sam Wheeler.

Approximately 60 million people in America are gig economy workers, based on the latest data. It is also noted by surveys that a third of these workers prefer same-day payments and they want it in cash.

The gig economy is growing quickly, and seamless cash payments has contributed to its growth, a Nasdaq report explains. The workforce of this economy has been growing steadily over the years. In fact, Nasdaq found that around 50% of workers in the United States will venture into freelance work by 2020.

The gig economy has attracted other big names in the finance industry. In March 2019, Visa Inc. sent out a press release about its partnership with PayActiv so that the company can offer real-time access to earned money. According to reports, Visa’s collaboration with PayActiv has proven to be quite useful to gig economy workers.

MoneyGram’s collaboration with KyckGlobal is a great way for MoneyGram to reach new customers, experts say.

"This partnership is a great example of how we continue to execute our growth strategy to capitalize on the strength of our leading digital and physical network to serve new customers, in new ways. We're thrilled to partner with another innovative fintech company that seamlessly plugged into our API-driven platform to deliver both choice and convenience for consumers”, said MoneyGram CEO and Chairman Alex Holmes in a statement.

KyckGlobal is plugged into the remittance brand’s API-driven platform to give would-be customers plenty of money transfer choices. KyckGlobal will benefit from the collaboration as well, its representatives told the media on Tuesday, as it helps the innovative fintech company reach new markets.

MoneyGram has kept on upgrading its infrastructure over the years. It has also built APIs to ensure that other international payments providers can integrate into its system without running into problems.

The American firm’s investment in its technological infrastructure, particularly its mobile solutions and moneygram.com, will help the company grow, according to experts. Diversifying its product offerings will also contribute to sustainable growth, experts add.

Would you like to learn more about MoneyGram and its new services? Take a look at our thorough review of the company today.

 


Daniel Webber
Daniel Webber
Founder & CEO
Daniel is Founder and CEO at FXcompared and has numerous years of experience in the international finance world, especially within the media, technology and property sectors. Daniel is passionate… Read more

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