MoneyGram (NYSE:MGI), a leading global money transfer company, and UnionPay today announced a significant network expansion to provide emergency cash services to UnionPay credit card cardholders. The service will become available to member institutions in a phased approach. The two companies commemorated the agreement during a contract signing ceremony at the headquarters of UnionPay in Shanghai, China.
Emergency cash services provide consumers access to funds during emergency situations, including lost, stolen or malfunctioning cards.
Under the agreement, UnionPay credit cardholders with cards issued by UnionPay’s member institutions can use MoneyGram’s global network of 284,000 locations to receive emergency cash services. Each UnionPay credit cardholder is eligible for cash assistance provided the card-issuing bank has enrolled to the MoneyGram service. The amount of available emergency cash is based on the credit limit designated by the card-issuing bank, with the maximum amount capped at USD $5,000.
"This emergency cash service enables China UnionPay card holders to reach a global network," said Cai Jianbo, the first executive vice president of UnionPay. "This cooperation has further enhanced additional service to China UnionPay card holders when they are in need for emergency funds overseas."“MoneyGram understands the need to provide customers with more options to access their cash quickly, especially in an emergency when every minute counts,” said Pamela H. Patsley, chairman and chief executive officer of MoneyGram. “MoneyGram and UnionPay share the goal of providing safe, fast and reliable financial transactions. Through the MoneyGram network, we can often help UnionPay customers to get their emergency cash in minutes*. This is an important service to provide.” The overseas emergency cash assistance service is available to holders of UnionPay credit cards issued by its member institutions that have enrolled to the MoneyGram service. When traveling overseas, cardholders in emergency situations may call the local UnionPay service hotline in the country or region, or the customer service hotline of the domestic card issuer to apply for emergency cash assistance. After validation of the cardholder's identity and the authorization of the issuer, the cardholder can go to the nearest MoneyGram location for emergency cash assistance, subject to the authorization of the issuer, local regulations, and operating hours of the MoneyGram location.