MoneyGram Announces Reload Agreement with netSpend
Press Release
Minneapolis and Austin, Tex., May. 8, 2009 -- MoneyGram International (NYSE:MGI), a leading global payment services company, and NetSpend Corporation, a leading provider of financial services and products for the underbanked, today announced an agreement that will increase transaction volume in MoneyGram’s U.S. locations. The agreement highlights MoneyGram’s continued success in the important prepaid segment.
Through the relationship, NetSpend prepaid debit card holders will be able to conveniently load value to their cards in a real-time, single-step transaction at any of the 40,000 MoneyGram ExpressPayment® agent locations nationwide. The agreement with MoneyGram brings the number of locations that NetSpend customers can reload their prepaid debit cards to approximately 90,000—making it one of the largest networks of its kind in the country.
“Convenience is very important to our customers. Their time is valuable and the ability to choose how they reload their NetSpend card—whether online or through the thousands of reload centers—gives them unprecedented control and freedom,” said Dan Henry, chief executive officer of NetSpend. “MoneyGram brings the convenience of the NetSpend card to a completely new level and is a welcome partner for our millions of cardholders.”
Anthony Ryan, president and chief executive officer of MoneyGram International, said: “This strategic partnership with NetSpend broadens our presence in the key prepaid market by opening the MoneyGram reload network to one of the largest prepaid card providers in the industry. We continue to provide control and choice to consumers with our urgent bill payment product and real-time prepaid card load capabilities.”
About NetSpend Corporation
NetSpend Corporation is one of the premier providers of innovative, accessible prepaid debit cards which empower consumers with the convenience, security and freedom to be self-banked. NetSpend achieves its mission by serving its customers anytime and anywhere, being trustworthy, reliable, and delivering innovative high value products and features. NetSpend's proprietary processing platform allows it to support prepaid card programs end-to-end from customer acquisition and card fulfillment to customer service and risk management. The NetSpend® Prepaid Card Network includes leading consumer brands and companies serving the un-banked and under-banked markets, and its strategic relationships include card issuers, EFT networks and payment card associations. For more information, visit www.netspend.com .
About MoneyGram International
MoneyGram International offers more choices and more control for people separated from friends and family by distance or those with limited bank relationships to meet their financial needs. A leading global payment services company, MoneyGram International helps consumers to pay bills quickly and safely send money around the world in as little as 10 minutes. Its global network is comprised of 180,000 agent locations in 190 countries and territories. MoneyGram’s convenient and reliable network includes retailers, international post offices and financial institutions. To learn more about money transfer or bill payment at an agent location or online, please visit www.moneygram.com .
Source: Company press release.
