Nasdaq-listed payments services provider, MoneyGram International has recently joined hands with Mobily Pay, one of the fastest-growing mobile wallets in the Middle East. The partnership will facilitate consumers in Saudi Arabia.
Through the recent collaboration, Mobily Pay is planning to boost the company’s existing digital offerings. The partnership, which is expected to be live for clients later this year, will help MoneyGram efficiently expand the number of payments it processes through its API-driven infrastructure and best-in-class technology.
"We're excited to partner with Mobily Pay to reach millions of new consumers in Saudi Arabia with our leading global network," said Alex Holmes, MoneyGram's Chairman and CEO. "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."
In May 2022, MoneyGram posted its financial results for the first quarter of 2022. In the reported period, MoneyGram’s digital revenues touched an all-time high of $83 million.
Digital Services
In the latest press release, MoneyGram highlighted that the company is planning to expand its digital services in the growing market of the Middle East.
"MoneyGram is one of the leading and most reliable international money transfer companies. Thanks to this new strategic partnership, Mobily Pay users will be able to transfer money, to a bank account, digital wallet, or cash, through a global network of more than 200 countries and regions," said Ayman Aleissa, the CEO of Mobily Pay. "This new partnership reflects Mobily's strategic endeavors to deliver a superior user experience by providing comprehensive digital services that elevate the lifestyle of individuals and confirms Mobily's keenness to continue supporting the digital transformation process in the Kingdom."
