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MoneyGram Expands Agent Pay-out Network in India Through a Strategic Partnership With Weizmann Forex

  • by Business Wire India
  • 7 Days ago
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Business Wire India
MoneyGram, the global provider of innovative money transfers, announced today a strategic partnership with leading cash pay-out agent in India, Weizmann Forex Limited. The partnership will enable MoneyGram to expand its footprint in key remittance geographies across the nation.

Additionally, MoneyGram launched a special offer for the customers receiving money from their loved ones abroad. From May 15 until August 31, one lucky winner a day will be selected in Kerala, Uttar Pradesh, Bihar and Telangana states for a chance to have the transaction amount doubled by MoneyGram. The maximum amount of the award is limited to $700. Terms and Conditions apply.

“Thanks to our partnership with Weizmann Forex Limited, our money transfer service can be offered in additional locations primarily in Uttar Pradesh, Bihar, Telangana, Punjab, Gujarat, Tamil Nadu and Kerala States, to increase the customer base and brand awareness,” said Sheshagiri Malliah (Sukesh), Head of India and Sub-Continent, MoneyGram. “To bring joy to the Indian communities during the upcoming festivities we launched a special promotion for customers visiting our agent locations,” added Malliah.

According to the World Bank, India’s position as the top remittances receive country is undisputed with $62.7 billion inflows in 2016, mainly from the United Arab Emirates ($13.7 billion), United States of America ($11.7 billion) and the Kingdom of Saudi Arabia ($11.2 billion). Remittances account for 3.3% of India’s GDP, however, this proportion varies for particular states. In the state of Kerala, remittances contribute significantly to local economy and household consumption as their share in net state’s domestic product accounts for 36.3%.

“India has always been a key remittance market in the region. By partnering with MoneyGram, we can give greater access to people across India for receiving international remittances in a very convenient and efficient manner,” adds Karthikeyan Balasubramanian, Managing Director, Weizmann Forex.

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