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March 14, 2022updated 02 May 2022 1:06pm

MoneyGram joins payment majors in halting Russia services

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MoneyGram International has become the latest payment firm to shutter its services in Russia amid escalating military tensions in Ukraine and sweeping sanctions by the west.

The firm said it has decided to suspend services in Russia as the humanitarian crisis in Ukraine continues to worsen.

It has been closely keeping a watch on the conflict and said it will continue to evaluate the situation.

The remittance firm said in a statement: “Our top priority remains the safety of our employees, agents, partners, and their families. We have been in close contact with our impacted colleagues to provide support during this difficult time.

“We have also increased our support for our partnership with Save the Children, which is actively engaged in relief efforts in the region. Last week, the MoneyGram Foundation approved an emergency grant directed towards the Ukrainian Relief Fund.”

MoneyGram will continue to offer its services in Ukraine. Individuals in the country will be able to receive money both in-person as well as digitally.

The company noted that transactions to Ukraine and neighbouring countries including Poland have spiked in the wake of the crisis as customers send money to their affected families.

Last week, Western Union paused its operations in Russia and Belarus in response to the Ukraine conflict.

JCB, Discover, Mastercard, Visa, and American Express too ceased their payment operations in Russia.   Fintech firms such as Wise, Paysera, Remitly, TransferGo, and Zepz also suspended money transfers to Russia.

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Is your business ready for the cross-border payments boom? The chances are that your brand is broadening its horizons, lured by the appeal of high-growth markets in South America, Asia and Africa. This means courting both opportunity and risk. Successful firms will adapt quickly to currency fluctuations, regulatory divergence and unfamiliar payment media. Struggling ones will see costs climb as they stumble over technical hurdles and conversion rates slow to a trickle.

Businesses needn’t swim against the tide of cross-border payment flows. Creating a speedy, compliant, cost-effective solution is possible – and an experienced partner can help. Worldline have created a comprehensive guide covering the latest developments in the global payment landscape and how brands can create a seamless cross-border payment solution. Fill in your details to find out more.

by Worldline
Enter your details here to receive your free Whitepaper.

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