MoneyGram on Wednesday announced the expansion of its mobile wallet network through the integration with bKash, reports prnewswire.
With this launch, over 55 million bKash wallet users in Bangladesh will now be able to receive funds instantly from around the world.
The global digital payment service provider said the integration was part of MoneyGram's ongoing partnership with Thunes, a company that powers payments for the world's fastest-growing businesses.
In this regard, Head of corporate communications at bKash, Shamsuddin Haider Dalim, said, "We are working with more than 50 money transfer services like MoneyGram to ensure prompt and secure transactions.
"The remittance earners can now transfer money through our banking channel from almost 90 countries of the world and bKash will distribute the money to the end user," he added.
"The latest integration can help improve the financial lives of millions of bKash wallet users in a large and growing market," said Alex Holmes, MoneyGram chairman and CEO.
"As we recently announced, total transactions received digitally through the MoneyGram platform reached a new all-time high in the third quarter of this year, with 63% year-over-year growth, and this partnership will further support this strong growth," he added.
MoneyGram said across many areas of the world, especially in parts of Asia, remittances remain a vital role in consumer lives, while demand for digital options and mobile wallets continues to surge.
This latest integration with bKash will increase access to direct remittance services and help accelerate financial inclusion in Bangladesh.
According to the World Bank, an estimated $22billion flowed into Bangladesh in the form of remittances in 2020, accounting for almost 7% of the country's GDP in the year.
A study released earlier this year by Bangladesh Institute of Development Studies found that household incomes for bKash users had risen over 15%, partly due to the ease and speed of transferring emergency funds to Bangladesh during recent cyclones and flooding.