MoneyGram has implemented Mastercard Move, a portfolio of functional money transfer solutions designed to facilitate the movement of digital money domestically and abroad.
As a result of the mentioned integration, MoneyGram customers will be able to use any Mastercard issued in the United States to send funds to 38 eligible markets. Clients of the mentioned companies can also receive money through almost 10 billion additional endpoints worldwide. The relevant information is contained in the firms’ press release.
The mentioned press release also contains information according to which MoneyGram and Mastercard have intentions related to increasing the number of receiving markets. Moreover, the companies plan to expand the possibilities of international payment transactions for MoneyGram customers. This intention is expected to be implemented within a year.
MoneyGram chief executive officer Anthony Soohoo stated that the company’s expanding global network, represented in almost every country, is one of its most valuable assets. He also noted that as a result of strategic alliances such as cooperation with Mastercard, the firm continues to expand its network, advancing its mission to ensure seamless, affordable, and secure international payment transactions for all.
The mentioned company’s new collaboration will provide its customers with access to near real-time deposits from any Mastercard issued in the United States. They can also send funds across borders to bank accounts, mobile wallets, Mastercard cards, and cash pickup endpoints. Moreover, in this case, it ensured the security of the networks of the two companies. Besides, consumers are offered low transaction fees. In addition, greater access to payouts is provided.
Chiro Aikat, co-president, United States at Mastercard, stated that unlocking more efficient and secure ways to send and receive money is critical for fueling entry into the digital economy. He also noted that the integration of Mastercard Move into the vast MoneyGram network increases the speed and adds peace of mind in every transaction, which is important so that critical funds can get into the hands when and where necessary.
During the January earnings call, Mastercard stated that the volume of Mastercard Move operations in the fourth quarter of 2024 showed an increase of 40% compared to the figure for the same period in 2023.
Also last month, the mentioned payment industry giant reported that it had started offering its solutions through the Jack Henry Rapid Transfers service. In this case, consumers can make money transfers near real-time via Mastercard Move.
Alan Marquard, head of transfer solutions at Mastercard, said in March last year during a conversation with media representatives that in building out the Mastercard Move, the company wanted it to be a comprehensive money transfer offering that could be tied to things like cross-border payroll, gaming payments, and B2B transactions.
Also in March 2024, the mentioned payment industry giant announced a new connection to China’s Alipay, which enables banks, fintech firms, and corporate clients to offer customers a connection to an electronic wallet with more than 1 billion users.
As we have reported earlier, Mastercard Launches Move Commercial Payments for Near Real-Time Cross-Border Transactions.
