dLocal has announced a new partnership with MoneyGram
dLocal, a cross-border payment platform that concentrates on emergent markets, has announced a new partnership with MoneyGram, a global financial technology company. The partnership’s objective is to assist MoneyGram in the expansion of its services throughout the Asia-Pacific (APAC) and Europe, the Middle East, and Africa (EMEA) regions. Latin America (LATAM) is the intended region for future expansion. MoneyGram’s digital payment capabilities in these regions will be improved through the collaboration.
Cross-border expenses continue to be substantial.
The partnership is scheduled to commence amid persistently elevated cross-border payment expenses. In the first quarter of 2024, the global average cost for these transactions was 6.35%, according to data from the World Bank. The average cost of bank services was the highest at 12.66%. MoneyGram asserts that it has established itself as a lower-cost alternative for cross-border remittances. According to company data, the average fee is 2.9%, which is less than the United Nations’ objective of reducing remittance fees to less than 3% by 2030. MoneyGram will simplify its operations by integrating dLocal’s payout technology with its global network through the partnership. This encompasses local payment options, such as digital wallets and bank accounts, which are anticipated to further reduce costs for consumers.
Read: The Top 10 AI Books Every Business Leader Should Read in 2024
Industry Comments
Carlos Menendez, Chief Operating Officer at dLocal, expressed his enthusiasm for the opportunity to collaborate with MoneyGram, a pioneer in the international money transmission industry. “We are collaborating to redefine the limits of innovation by integrating state-of-the-art technology with profound local knowledge to revolutionize financial access in high-growth markets,” he continued. “The objective of this partnership is to develop payment experiences that are more inclusive, intelligent, and promptly accessible to millions of individuals worldwide.”
Read: Fintech in Healthcare: Software Innovations for HealthTech
Read: Fintech Marketing: Top 10 Power Strategies to Accelerate Growth
Thanks for reading!
To share your insights with the FinTech Newsroom, please write to us at news@intentamplify.com
Anna Greenwald, Chief Operating Officer at MoneyGram, stated, “Our collaboration with dLocal is yet another significant stride in our endeavor to provide our top-tier cross-border payment services to consumers worldwide.” “We are well-positioned to enhance the remittance experience by providing faster, more seamless transactions to millions of individuals in key markets worldwide, thanks to dLocal’s robust digital payout solutions and expertise in emerging markets,” she continued.
