Cross-border P2P payments and money transfers company MoneyGram has inked a new deal with Digital Financial Services to empower eWallet customers to make cross-border money transfers.
It’s been a busy month for MoneyGram. First it dealt with the rumours that Western Union was looking to acquire the company, then it rapidly signed partnerships with Global Money Express and Saudi Arabian Al Rajhi Bank. Now it has added to the list by partnering with Digital Financial Services, a joint venture of Etisalat and Noor Bank, which was acquired earlier this year by Dubai Islamic Bank.
“Etisalat, like MoneyGram, has digitised its business to adapt to the increasingly tech-savvy lifestyles of its customers in the UAE,” said Grant Lines, chief revenue officer at MoneyGram. “We’re excited about how this partnership builds upon our strong momentum in the Middle East market and further accelerates digital growth as we expand our customer-centric capabilities to the third largest outbound remittance country in the world.”
At the core of the deal is eWallet, a digital payment service developed to empower UAE residents with safe, convenient and flexible payment solutions through a mobile app. Unlike other mobile wallets and payment apps, eWallet does not require customers to have a bank account, credit or debit card to conduct digital payments. Customers only need a valid Emirates ID and a UAE mobile number to open an eWallet account. The service is regulated and licensed by the Central Bank of the UAE.
MoneyGram claims that the new partnership will enable millions of eWallet customers to make cross-border money transfers in real-time to friends and family in over 200 countries and territories through an expansive network of mobile wallet operators, bank account deposit services, and walk-in locations.
“eWallet continues to be an innovative solution that enhances the way UAE residents conduct financial transactions today,” said Ahmed Al Awadi, chairman of Digital Financial Services. “Our partnership with MoneyGram will further enrich our customers’ lives with a state-of-the-art user experience which MoneyGram is renowned for and will boost our future expansion plans.”
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