September 19, 2024, 8:00 a.m. • Innovation~Partnerships
In today’s world, using digital methods to receive cross-border payments is becoming increasingly popular, and for good reason. It’s fast, convenient and incredibly accessible.
At MoneyGram, we’re committed to making these digital experiences seamless for our customers globally. That’s why we’re excited to share our new partnership with dLocal, a leader in cross-border payments specializing in emerging markets.
Our collaboration with dLocal is all about expanding our digital receive capabilities like wallets and bank accounts to new markets. As we look to extend our reach into new and high-demand markets across the APAC and EMEA regions, with future plans for LatAm, we’re focused on bringing our services to more people, faster and at a lower cost.
The average cost of cross-border payments is a steep 6.35%, with traditional bank services being even pricier at 12.66%, according to the World Bank. At MoneyGram, we’ve worked hard to keep our costs down, with an average of just 2.9%, well below the UN’s target to reduce remittance costs to under 3% by 2030.
Partnering with dLocal means we’re now able to offer even more value. By combining our global network and innovative technology with dLocal’s advanced payout solutions and adaptable local payment methods, we’re set to provide faster, more cost-effective transactions.
“Our partnership with dLocal is another big step forward in our mission to reach consumers around the world with our leading cross-border payment services,” said Anna Greenwald, Chief Operating Officer at MoneyGram. “With dLocal’s expertise in emerging markets and robust digital payout solutions, we’re positioned to elevate the remittance experience, delivering faster, more seamless transactions, for millions of people across key markets worldwide.”
“We're thrilled to join forces with MoneyGram, a true pioneer in the international money transfer space,” said Carlos Menendez, Chief Operating Officer at dLocal. “Together, we’re pushing the boundaries of innovation, combining cutting-edge technology with deep local expertise to transform financial access in high-growth markets. This partnership is all about creating faster, smarter, and more inclusive payment experiences for millions of people across the globe.”
Read more in dLocal’s press release.