According to World Bank Data, the Brazilian remittance market saw outflows of $2.2billion in 2023, with further data from Statista revealing that the online segment accounted for around 20 per cent of international transfers. Looking to make sending funds easier online, fintech MoneyGram International is launching a new suite of digital services.
This will be seen in Brazil through MoneyGram Online. The expansion builds upon 25 years of experience in the country, but is spring-boarding itself off of success experienced in 2023. Last year, the service surpassed over 10 million downloads and saw more than $40billion sent via the platform.
With the expansion of MGO in Brazil, users there can now digitally send money to their loved ones around the world to receive through a variety of options, including account deposit, mobile wallets and cash pick-up at over 1,000 retail locations. In fact, MoneyGram offers more than 400,000 physical locations globally.
The MGO expansion has been made possible through a collaboration with Brazil’s Banco BS2, the country’s first digital bank for companies. Using BS2 as its bank and processor, MoneyGram is integrating with the widely used Pix payment method. This is a digital payments system designed by the Brazilian Central Bank that increased by 74 per cent to 42 billion transactions in 2023.
“Building on our widespread physical presence in Brazil, we at MoneyGram are excited to offer Brazilian users another fast and convenient way to send and receive money globally,” said Karlo Torres, head of Americas at MoneyGram. “Brazil has the eighth-largest economy in the world, and the financial needs of consumers there are constantly evolving. We’re thrilled to expand MGO to stay ahead of their changing needs.”
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