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,” she added.

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,” he continued. “This partnership is all about creating faster, smarter, and more inclusive payment experiences for millions of people across the globe.”