MoneyGram International, Inc. (NASDAQ: MGI), a global leader in cross-border P2P payments and money transfers, today announced it signed an agreement to launch its leading international money transfer capabilities on Pay+, a mobile wallet powered by Ooredoo Oman and the National Bank of Oman (NBO).
Pay+ is a first-to-market development that will empower consumers in Oman to make deposits, withdrawals, bill payments, and local and international money transfers.
This partnership will give customers the ability to use the mobile wallet to transfer money in near real-time with access to the MoneyGram global distribution network which spans over 200 countries and territories.
“Consumer demand for real-time payments and mobile wallets continues to surge, so this expansion with one of our largest and fastest-growing digital partners is yet another milestone on our journey to lead the evolution of digital P2P payments,” said Alex Holmes, MoneyGram Chairman and Chief Executive Officer.
“As our digital partners are increasingly looking to utilize our modern, mobile and API-driven infrastructure, this integration through Pay+ will provide scale to its existing digital offerings and instant access to our cross-border payments and money transfer services.”
This strategic partnership expansion will build upon the strong momentum MoneyGram has already developed in the Middle East market and further accelerate digital growth as the Company plans to expand its customer-centric capabilities to Oman, one of the largest markets in outbound international remittances.
“This major, first-to-market, development will change the way customers transfer money,” said Ian Dench, Chief Executive Officer at Ooredoo. “Pay+ was designed with customer needs in mind and together with our partners, MoneyGram and NBO, the ground-breaking mobile wallet will continue to set standards in the Sultanate’s evolving digital payments ecosystem.”
“As we successfully execute our strategy to accelerate digital growth and expand access to mobile wallet capabilities, consumers around the world are seeing the value in our digital transformation,” said Grant Lines, MoneyGram Global Chief Revenue Officer. “Through this upcoming launch, we are doubling down our efforts in key send corridors such as Oman and, in turn, providing new and innovative technologies and more digital payment options to consumers around the globe.”
The partnership is expected to be live for consumers in April 2021.