MoneyGram International Inc., a well-known global leader in cross-border money transfers and Peer-to-peer (P2P) payments in collaboration with Tesco Bank launched a new international online money transfer platform.
This platform allows the customers of Tesco and MoneyGram to set up their transactions online and pay via cash or card at Tesco outlets. Customers will enjoy an easier way to send money abroad, reducing processing time, while also eliminating the need to complete paperwork in-store.
What makes this news even sweeter is that it is being introduced at a time when there is an increasing amount of money being transferred digitally from the United Kingdom (U.K.) to overseas destinations due to the COVID-19 pandemic.
Related Article: The Rise of Contactless Payments Amidst COVID-19
The new international money transfer platform is now available at 129 Tesco Express stores in the U.K. in addition to the 810 stores that already offer the service. It is expected that this new service will be rolled out to around 1,500 Tesco Express stores, over the next 18 months.
The launch of this new capability is a major milestone for the partnership between the two giants in their respective fields which was formed about seven years ago.
Richard Meredith, Head of U.K. Key Partnerships at MoneyGram said that this new service in partnership with Tesco Bank is a key milestone in the effort to bring a seamless, digitized experience to customers. He also added that MoneyGram aims to continually evolve their customer proposition through its superior digital capabilities and customer-centric solutions.
MoneyGram allows customers to send money in more than 200 countries and territories, with over 75 countries now digitally enabled.
Sigga Sigurdardottir, the Chief Customer Officer at Tesco Bank commented that the partnership with MoneyGram will let customers send money overseas more efficiently than before and help Tesco shoppers manage their money better every day.
Tesco Bank established way back in 1997 now has over 5 million customers, helping them manage their money every day.
Key Takeaways from this collaboration between MoneyGram and Tesco Bank
MoneyGram is one of the oldest players in the cross-border industry. Read what verified users are saying about its services. With millions of U.K. citizens sending money overseas to help their loved ones in times of need or during emergencies, this new service is a much-needed enhancement.
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