The program will initially enable funds to be received on
Visa cards issued by Banco Industrial, a MoneyGram agent in Guatemala
Minneapolis, May 11, 2010
MoneyGram International (NYSE:MGI), a leading global payment
services company, and Visa Inc. (NYSE:V), the world's largest retail electronic
payments network(1), announced today the launch of MoneyGram's first
cash-to-Visa card program enabling consumers to transfer money from MoneyGram
locations in the United States directly to the Visa accounts of recipients
outside of the United States. At launch, the program will enable funds to be
received on Visa-branded credit and debit cards issued by Banco Industrial, a
leading Visa bank and MoneyGram agent in Guatemala.
The launch of our cash-to-card program is exciting
because it provides more choices and added convenience for consumers in the
U.S. and Guatemala, and brings a whole new segment of customers to
MoneyGram," said Pamela H. Patsley, MoneyGram International chairman and
chief executive officer. "Our relationship with Visa and the ability to
leverage its extensive global network will provide MoneyGram with access to
Visa cardholders around the world and reach critical territories where there is
incredible opportunity to bring this value-added service to new consumers. We
expect to work with Visa to expand the cash-to-Visa card service to several
additional countries by the end of the year."
The MoneyGram cash-to-card service will be available at most
U.S. MoneyGram locations, including the 20 top agents for remittances to
Guatemala. The cash-to-card money transfers are processed through Visa's secure
network and funds are transferred directly to eligible Visa debit and credit
accounts via Banco Industrial.
Once funds are sent to the card, recipients can access the
money 24-hours-a-day, anywhere Visa is accepted.
"Visa money transfer services simplify the way people
send and receive money both domestically and across borders," said Jim
McCarthy, Global Head of Product at Visa Inc. "Today's launch with
MoneyGram marks the latest momentum for Visa's money transfer service, enabling
U.S. consumers to transfer funds through Visa's secure, reliable global payment
network."
"For the first time, Guatemalans with eligible Visa
cards can receive remittance funds without having to visit a physical MoneyGram
location," said Patsley. "It also gives Guatemalans living in the
U.S. some added peace of mind as they now have one more alternative to ease the
process of getting money into the hands of friends and family."
Banco Industrial has served as a MoneyGram agent since 2006
and has 377 locations in every major city and most communities in Guatemala.
"We are glad that we had made an alliance of this type
with Visa and MoneyGram, an alliance that will provide Guatemalans in the
United States and in Guatemala, access to a new way of sending and receiving
money. This will definitely provide Guatemalans with new advantages and
benefits that will improve directly their way of living" said Luis Prado,
Banco Industrial International Division Manager.
(1) Based on payments volume, total volume, number of transactions and total
number of cards in circulation.
Visa
Inc.
