In January 2017, MoneyGram merged with Ant Financial Services Group, one among the leading digital financial services providers and parent company of Alipay with $880 million. MoneyGram which is headquartered in Dallas will continue with same brand name and this merger will help Ant Financial Services group to increase their global presence and help to serve more than 630 million users that includes 450 million with Alipay and 180 million with PayTm India’s wallet which is also owned by Alibaba group.
MoneyGram International Inc., head quartered in U.S. is a global innovative provider for money transferring services. This merger will help in fetching money transfer network of 2.4 billion bank and mobile accounts and 350,000 physical locations with Ant Financial's users and in future promoting of financial services access globally. Consumers also gets benefited with innovative and reliable financial connections to friends and family around the globe.
Increase in adoption of mobile wallets with developed apps by developers and FinTech companies become a good platform for consumers and retailers with better platform to perform transactions. Increase in adoption rate of internet, smartphone ownership and others become added advantage for consumers in using these low cost but efficient service. Some of the prominent reasons to adopt Mobile wallets among customers and retailers are as follows linkable payments options: credit/debit card linking, carrier billing option and others, retailer linked brand loyalty programs and others
The acquisition of MoneyGram can strengthen the global position of Ant Financial Service Group as a leading provider of innovative and reliable financial connections to the customers across 200 countries and territories with convenient and accessible financial services. With the support of the MoneyGram, U.S. market of Ant Financial service group market can be driven and company’s strong work force can develop better financial products or services to the customers.
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