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TheStreet Open House

MoneyGram And Ukash Launch Money Transfer Service

Stocks in this article: MGI

MoneyGram (NASDAQ: MGI), a leading global money transfer provider, and Ukash, the leading UK-based online cash payment provider, today announced that Ukash customers can now send domestic and international money transfers from the Ukash website and receive the funds at any of MoneyGram’s 327,000 agent locations worldwide or through MoneyGram’s account deposit channels.

The agreement, which was announced earlier this year, now makes it easy for UK customers who prefer the security of not providing their credit or debit card information online to send money to friends and family using a Ukash code and MoneyGram’s robust global agent network.

“There are thousands of people living and working in the UK who don’t have access to conventional banking or credit facilities or prefer not to use them for online transactions,” said Tim Summers, head of strategic partnerships, MoneyGram. “For these people, the only way to send money home to family and friends is to visit a money transfer location. Through our collaboration with Ukash, funds can now be sent online instantly and securely to any MoneyGram location around the world, subject to local laws and regulation.”

“From foreign workers who don’t have a UK bank account and want to send money home to family, to relatives sending gifts for festivals and other celebrations, the new Ukash money transfer service offers people a secure and convenient money transfer solution at the click of a mouse,” said David Hunter, chief executive officer, Ukash. “This is the first service to offer domestic and international money transfers online with ‘cash’ and breaks down the barrier people often face if they don’t have a UK bank account or don’t want to put their bank or credit card details online. Once they have their Ukash code, which can be obtained at more than 25,000 convenient UK locations, they can transfer cash instantly.”

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