MoneyGram and Visa Introduce Cash-to-Visa Card Money Transfer Program
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.
About MoneyGram International
MoneyGram International offers more choices for people separated from friends and family by distance or those with limited bank relationships to meet their financial needs. A leading global payment services company, MoneyGram International helps consumers to pay bills quickly and safely send money around the world with funds arriving in as little as 10 minutes. Its global network is comprised of 198,000 agent locations in 191 countries and territories. To learn more about money transfer or bill payment at an agent location or online, visit www.moneygram.com or follow us on Facebook.
About Banco Industrial
Banco Industrial (www.bi.com.gt) is the largest and most important bank in Central America and it is part of Corporación BI, the largest financial group in the region. Banco Industrial has assets above US$ 4,700 million (27 % of market share) and 3,006 customer service points all over Guatemala. Banco Industrial is a leading issuer of VISA cards. It is a strong financial organization, which is aware of its responsibility it has for its customers, personnel, community and shareholders. It is the only bank in Guatemala that has been rated by Standard & Poor's, Moody's Investors Service and Fitch Ratings.
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