- MoneyGram joins forces with Korean remittance firm E9Pay.
- This collaboration will benefit consumers who transfer funds between Southeast Asia, Russia, and the Commonwealth of Independent States.
- Last week MoneyGram also teamed up with Indian private financial institution Federal Bank to smoothen cross-border direct-to-account payment processes.
The ongoing pandemic is proving to be a blessing in disguise for cross-border P2P payments and money transfers service MoneyGram which is increasing its network by partnering with various companies and boosting its global footprint.
The firm announced its newest payment partnership with Korea’s money transfer and payment fintech E9Pay. This deal will allow E9Pay customers to connect to the MoneyGram’s platform and a distribution network which is present in more than 200 countries.
The alliance will especially prove advantageous for businesses and individuals who remit payments between Southeast Asia, Russia, and the Commonwealth of Independent States. These serve as the South Korean firm’s major corridors.
Commenting on the new association, MoneyGram COO and leader of the company’s digital efforts Kamila Chytil said:
“We’re excited about how E9Pay is leveraging the strong consumer demand for our account deposit services, which is especially important given the ongoing global pandemic so that consumers can receive money from the comfort and safety of their own homes.
“E9Pay utilised our API-driven infrastructure to enable a quick and seamless integration.”
Echoing the same sentiment and enthusiasm, MoneyGram Chairman and CEO Alex Holmes said:
“E9Pay has a strong culture of innovation with a loyal customer base of avid users, and this partnership enables E9Pay customers access to our global platform, including our account deposit capabilities.”
Stressing on the benefits it can get for its clients, CEO of E9Pay Jeon Hyuk Goo said:
“We believe the best way to reach and help our customers is through collaboration with the prestigious MoneyGram brand. E9Pay firmly expects to continue to develop mutually beneficial business through strategic partnerships with MoneyGram.”
E9Pay is not the only firm that MoneyGram has a partnership within South Korea. Others include Woori Bank, Shinhan Bank, Korea Post, Kyongnam Bank, and Sentbe. These deals only contribute to a part of the approximate $13.4 bn in yearly remittance outflows.
Leveraging on the need for better payment processes
Reported by TechMeru on May 14, the latest partnership comes shortly after MoneyGram’s collaboration with India’s Federal Bank in a bid to offer direct-to-account deposits to millions of Indian citizens.
Indeed, the company is going from strength to strength and has no plans to stop. More recently, the p2p payment firm even revealed that it witnessed a 57% digital transaction growth for the first quarter of 2020, therefore marking a continued acceleration from the fourth quarter 2019.
“While no one can predict the duration of the pandemic, MoneyGram is well-positioned to play a key role in, and benefit from, the resurgence when the global economy unfreezes and people begin freely moving again,” Holmes said at the time. We couldn’t agree more.