MoneyGram partners with Digital Financial Services in order to help facilitate cross-border transfers involving digital wallets in the United Arab Emirates. Digital Financial Services is a partnership between Etisalat and Noor Bank, which was acquired earlier this year by the Dubai Islamic Bank.
The partnership will enable eWallet users to make cross-border remittances to more than 200 countries and territories. Owned by Digital Financial Services, eWallet is a licensed digital payment service in the UAE.
“Etisalat, like MoneyGram, has digitized its business to adapt to the increasingly tech-savvy lifestyles of its customers in the UAE,” said Grant Lines, Chief Revenue Officer at MoneyGram. “We’re excited about how this partnership builds upon our strong momentum in the Middle East market and further accelerates digital growth as we expand our customer-centric capabilities to the third-largest outbound remittance country in the world.”
The difference between other mobile wallets and payment apps is eWallet does not require customers to have a bank account, credit or debit card to conduct digital payments. Customers only need a valid Emirates ID and a UAE mobile number to open an eWallet account. Once registered, users can instantly top-up their wallet balance to start sending and receiving money, transferring to bank accounts, conducting merchant payments, or paying bills.
Commenting on the partnership, Ahmed Al Awadi, Chairman of Digital Financial Services said, “eWallet continues to be an innovative solution that enhances the way UAE residents conduct financial transactions today. Our partnership with MoneyGram will further enrich our customers’ lives with a state-of-the-art user experience which MoneyGram is renowned for and will boost our future expansion plans.”
