MoneyGram recently announced that its Indonesian subsidiary PT MoneyGram Payments System has inked a long-term deal with Indonesian remittance company Arsema. Per the agreement, Arsema would channel MoneyGram’s money transfer services at all post offices of Indonesia. The services would start from Central Java and Bali region.
MoneyGram strives to provide secure money transfer services to its customers and the deal with Arsema will further help the company in its efforts. This collaboration will also expand MoneyGram’s reach across Indonesia. Also, the aforesaid deal will facilitate operation to serve customers better with faster and more convenient offerings.
The overall process has become much easier and can be completed in a few simple steps. Customers can now simply visit any MoneyGram agent location and start transferring and receiving funds after filling up and submitting a form and displaying a photo identification proof. The funds can be ready for collection is Depending on agent’s operating hours and regulatory requirements, the transactions can be made within 10 minutes or less.
Apart from strengthening its presence in high-growth potential markets, MoneyGram has forayed into several unexplored and underdeveloped global markets. The company has also been expanding in markets that offer high growth potential. Per the World Bank report, remittances worth $9.6 billion flowed into Indonesia in Apr 2016. We expect the latest deal to help the company capitalize on the opportunity, which in turn, should add to its top line going forward.