MoneyGram has partnered Postal Savings Bank of China (PSBC) to launch international money transfer services through the bank’s mobile banking application.
The service will allow the Chinese bank’s 160 million mobile banking customers to send and receive money with MoneyGram on a mobile device.
MoneyGram customers in China can initiate an international money transfer either by visiting PSBC’s physical locations or via the bank’s mobile app.
The transactions are currently available in USD, EUR, GBP and AUD. Until February 2018, customers will get a 50% waiver on fee, MoneyGram announced.
MoneyGram regional head of China and Mongolia Andy Liu said: “The addition of cash-to-mobile service on top of MoneyGram’s strong cash-to-cash offering and extensive agent network, positions us well to reach all diverse groups of Chinese customers living in rural and urban areas.
“Our partnership with PSBC enables MoneyGram to offer cash-to-mobile money transfers for the first time in the Chinese market.”
PSBC general manager of personal banking department Liu Xin added: “PSBC is committed to establishing and promoting inclusive financial services in China. PSBC aims to lead the development of online financial services, at the same time making sure that the development of online and offline businesses is at the same speed. Partnership with MoneyGram is an important step for PSBC to actively serve the Belt and Road initiative and provide global financial services to our clients.”