MoneyGram And Visa Introduce Cash-to-Visa Card Money Transfer Program

MoneyGram International (NYSE:MGI), a leading global payment services company, and Visa Inc. (NYSE:V), the world's largest retail electronic payments network¹, 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.”