Mobily Pay, a mobile wallet powered by leading Saudi Arabia-based telecommunications and digital service provider Mobily, and MoneyGram International, a major name in digital P2P payments, have announced a partnership to launch MoneyGram's international money transfer capabilities on Mobily Pay.
This partnership, say the two companies, will empower millions of consumers in Saudi Arabia to use the Mobily Pay mobile wallet to send money in near real time around the world.
This launch, says MoneyGram, marks the latest integration of its growing white-label offering that enables financial technology companies to access its global money transfer network. Through this partnership, say the two companies, Mobily Pay will boost its existing digital offerings by adding new services and scale, while MoneyGram will efficiently expand the number of payments it processes through its API-driven infrastructure and best-in-class technology.
This is part of a growing trend in the region. As MoneyGram points out, its integration with Mobily Pay builds upon its strong momentum and recent successes with digital partners in the Middle East.
This partnership is also, of course, highly relevant to remittance payments in Saudi Arabia, a significant market for money transfer. In fact, say the partners, it further accelerates both companies' digital growth in one of the world's largest remittance countries, and fastest-growing mobile wallet markets.
The partnership is expected to be live for consumers later this year.