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TheStreet Open House

MoneyGram Signs Agreement With DeviceFidelity To Serve As Exclusive Money Transfer Provider For The Moneto™ Mobile Financial Service

MoneyGram (NASDAQ: MGI), a leading global money transfer company, today announced a new agreement with the mobile platform company DeviceFidelity to become the exclusive money transfer provider for DeviceFidelity’s award-winning moneto™ mobile financial service offering. The new service is available to moneto users immediately on iPhone and Android platforms.

The agreement brings together a leading provider of mobile plug and play solutions and the world’s second largest global money transfer company to give moneto users a fast, convenient, and secure way to send money using a mobile device to any of MoneyGram’s more than 321,000 locations in 198 countries.

“MoneyGram gives customers the ability to send money how they want, when they want, and where they want, whether through any of our convenient agent locations, or through emerging payment channels like moneto, which puts the control directly in the hand of the consumer through their mobile device,” said Tim Summers, head of emerging channels at MoneyGram. “This agreement with DeviceFidelity demonstrates MoneyGram’s continued focus on innovation, working with forward-thinking companies to deliver even greater convenience and value to customers around the world.”

“The addition of the MoneyGram global service to the moneto app brings even more value to our mobile financial service customers,” said Youri Bebic, General Manager of Services at DeviceFidelity. “We are constantly expanding our mobile apps to bring our users easy access to mobile financial services they need. This new worldwide mobile money transfer feature now integrated into our apps with real-time balance updates, person-to-person transfers, transaction history and our popular instant cash back rewards program further enhances the competitive leadership of the moneto mobile financial service offering.”

To use the new service, consumers simply sign up for a moneto account by downloading the free moneto mobile app from the iPhone App Store or Android’s Google Play. Once registered, users receive a moneto prepaid MasterCard card in the mail, and then have access to the moneto app’s award-winning features. An upgrade to enable mobile payments at retail stores using your favorite phone is also available through DeviceFidelity’s pluggable NFC solutions.

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