MoneyGram, Affinity Global launch mobile money transfer service
Minneapolis and Dallas, Aug. 3, 2009 -- MoneyGram International (NYSE: MGI), a leading provider of global payment services, and Affinity Global Services, a leading mobile financial services company, today announced an agreement that will enable mobile money transfer receives in important markets around the globe, bringing greater convenience and extending the benefits of MoneyGram services to a new category of consumers.
According to the World Bank, more than 200 million people live outside their home country. Mobile networks, which are now globally available, help immigrants stay connected and mobile money transfer applications will enable these and other subscribers better manage their finances. The MoneyGram and Affinity Global Services alliance will allow consumers to use MoneyGram’s agent network of over 180,000 locations around the world to send money to an account associated with a mobile device.
“In developing economies, there are more people with mobile phones than traditional bank accounts. We see a tremendous opportunity to better serve these consumers by delivering MoneyGram remittances in compelling new formats such as mobile technology,” said Anthony Ryan, MoneyGram president and chief executive officer. “Our relationship with Affinity Global Services will significantly enhance our agent network by allowing us to partner with mobile network operators in key corridors such as Latin America, Asia and Africa, and provide convenient, affordable and reliable money transfer services to consumers around the world.”
Affinity Global Services is the first Mobile Gateway to facilitate MoneyGram services, and will provide technical connectivity between MoneyGram and various mobile network operators. The MoneyGram mobile money transfer service will use Affinity Global’s MADE™ Platform, enabling MoneyGram to connect to virtually any mobile network operator. The parties are currently in discussion with a mobile network operator which is expected to be the first to launch the service to consumers later this year.
”MoneyGram understands that success in the mobile sector is about more than just technology,” said Ritchie Skelding, Affinity Global Services chairman. “To make mobile money transfer services work on a global scale requires a partner with world-class systems and a willingness to partner with mobile operators. Success also takes a commitment to deliver consumer value in a simple and transparent way. There is no ‘one-size-fits-all’ in this rapidly evolving space so MoneyGram’s entrance into the mobile money sector will help accelerate adoption of these services.”
About Affinity Global Services, Inc.
Affinity Global Services is a mobile solutions company based in Dallas, Texas. We believe in bringing economic freedom and opportunity to underbanked people around the world.
Established in 2004 and funded by US and international venture capitalists, Affinity boasts a leadership team of wireless and financial services veterans. We understand that wireless technology can deliver financial empowerment to those in need – and that providing such empowerment benefits everyone. For more information, visit www.affinityglobalservices.com .
About MoneyGram
MoneyGram International offers more control and more choices 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. Now, MoneyGram offers its most loyal customers MoneyGram Rewards for cash discounts on eligible money transfers from the U.S. – visit www.mymoneygram.com to register today. To learn more about money transfer or bill payment at an agent location or online, please visit www.moneygram.com .
Source: Company press release.
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