MoneyGram (NASDAQ: MGI), a leading global money transfer company, today announced that PayPal’s 55 million active U.S. account holders can now initiate a withdrawal from their accounts – online or via mobile – and pick up the funds at any MoneyGram location in the United States. This represents the first phase of a rollout that will also include the ability for PayPal customers to load funds into their accounts at various MoneyGram U.S. locations by the end of the year.
Later this month, PayPal customers will also be able to load money into their accounts at select MoneyGram locations in Dallas, New York and San Francisco, with additional locations scheduled to be rolled out during 2013.
The new service supports an essential need for PayPal’s U.S. customers – particularly those who do not have a bank account or credit card – to fund and maintain a PayPal account, as well as withdraw cash and send money to friends and family.
“MoneyGram offers a powerful platform that we’re leveraging across the payments landscape, delivering new ways for customers to send and receive funds however, whenever and wherever they want,” said Pamela H. Patsley, MoneyGram chairman and CEO. “Innovation is at the core of MoneyGram’s business today, and we’re delighted to work with one of the world’s leading e-commerce companies to deliver this valuable new service.”A newly launched, co-branded website – www.paypal.moneygram.com – provides simple step-by-step instructions for loading and sending funds to a PayPal account at select MoneyGram locations. Consumers also can use the site to initiate a cash withdrawal from their PayPal account. The funds will be available for pick-up at a MoneyGram location, often in as little as 10 minutes. “This new service will provide an even greater level of flexibility, convenience and value to existing PayPal users,” said Mark Lavelle, senior vice president of strategy and business development at PayPal.
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