MoneyGram, a leading global financial technology company, has teamed up with dLocal, a cross-border payment platform specializing in emerging markets, to enhance its digital payment services in the Asia-Pacific (APAC) and Europe, Middle East, and Africa (EMEA) regions. The partnership, which aims to lower cross-border payment fees, also plans future expansion into Latin America (LATAM).
Addressing High Costs of Cross-Border Payments
The collaboration comes at a time when the cost of cross-border payments remains a global concern. According to the World Bank, the average cost of sending money across borders stood at 6.35% in early 2024, with traditional bank services charging as much as 12.66%. MoneyGram is positioning itself as a low-cost alternative, already offering an average remittance fee of 2.9%, which aligns with the United Nations’ goal of reducing global remittance fees to below 3% by 2030.
Anna Greenwald, Chief Operating Officer at MoneyGram, emphasized the significance of the partnership: “With dLocal’s expertise in emerging markets, we’re positioned to elevate the remittance experience, delivering faster, more seamless transactions for millions across key markets.”
Enhancing Payment Capabilities
The partnership leverages MoneyGram’s extensive global network and dLocal’s cutting-edge payment technology. dLocal’s platform supports local payment methods such as digital wallets and bank accounts, which are expected to drive down fees and improve the efficiency of cross-border transactions. This will provide consumers with more accessible, low-cost payment options in high-growth markets.
Carlos Menendez, Chief Operating Officer at dLocal, expressed enthusiasm for the collaboration, stating, “We’re excited to join forces with MoneyGram, combining our technology and local expertise to transform financial access and create smarter, faster, and more inclusive payment solutions worldwide.”
By partnering with dLocal, MoneyGram aims to revolutionize the cross-border payment landscape, making it more affordable and efficient for millions of consumers in APAC, EMEA, and beyond.
