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October 7, 2022

MoneyGram, Jingle Pay partner on cross-border payments

Digital peer-to-peer (P2P) payments firm MoneyGram International has teamed up with UAE-based financial super-app Jingle Pay to facilitate transactions across the globe.

As part of the alliance, consumers in the UAE will be able to send money through the Jingle Pay app.

The partnership will be driven by MoneyGram’s global payment rails and near real-time offerings.

It will enable the transfer of money to more than 200 countries and territories worldwide.

In addition, MoneyGram finalised a minority investment in Jingle Pay.

MoneyGram chairman and CEO Alex Holmes has become the chairman of Jingle Pay’s board of directors through the investment.

Holmes said: “As consumer preference increasingly shifts online, investing in digital startups around the world is a critical component of our strategy.

“We’re excited to partner with Jingle Pay, as we believe in their strategic vision to improve the key elements of traditional banking through its suite of innovative digital offerings.

“As the startup continues to grow, MoneyGram’s direct ownership in the company will strengthen our leading position in the Middle East and further accelerate our strategic goals to lead the evolution of digital payments.”

Currently, UAE is home to around nine million expatriates, who account for nearly 89% of the population and has made the country a centre of outbound remittances.

Jingle Pay aims to offer those expats access to various financial solutions including the company’s multi-currency card and payments services.   

In June this year, MoneyGram entered into an alliance to roll out its international money transfer capabilities on Saudi Arabia’s Mobily Pay.

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