dLocal, a cross-border payment platform focused on emerging
markets, announced a new partnership with MoneyGram, a global financial
technology company.

The partnership aims to support MoneyGram in expanding its
services across the Asia-Pacific (APAC) and Europe, the Middle East, and Africa
(EMEA) regions. Future expansion is planned for Latin America (LATAM). The
collaboration will enhance MoneyGram’s digital payment capabilities in these
regions.

Cross-Border Costs Remain High

The partnership comes at a time when cross-border payment
costs remain high. Data from the World Bank shows the global average cost for
these transactions was 6.35% in the first quarter of 2024. Bank services, in
particular, had the highest average cost at 12.66%.

“Our partnership with dLocal is another big step forward in
our mission to reach consumers around the world with our leading cross-border
payment services,” said Anna Greenwald, Chief Operating Officer at MoneyGram.

“With dLocal’s expertise in emerging markets and robust
digital payout solutions, we’re positioned to elevate the remittance
experience, delivering faster, more seamless transactions, for millions of
people across key markets worldwide.”

Partnership Lowers Payment Fees

According to MoneyGram, it has positioned itself as a
low-cost option for cross-border payments. Company data shows that it offers an
average fee of 2.9%, which is below the United Nations’ target of reducing
remittance fees to under 3% by 2030.

The partnership with dLocal will help MoneyGram streamline
its operations by combining its global network with dLocal’s payout technology.
This includes local payment options like digital wallets and bank accounts,
which are expected to further lower costs for consumers.

“We’re thrilled to join forces with MoneyGram, a true
pioneer in the international money transfer space,” said Carlos Menendez, Chief
Operating Officer at dLocal.

“Together, we’re pushing the boundaries of innovation,
combining cutting-edge technology with deep local expertise to transform
financial access in high-growth markets. This partnership is all about creating
faster, smarter, and more inclusive payment experiences for millions of people
across the globe.”

This article was written by Tareq Sikder at www.financemagnates.com.

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