Money transfer company MoneyGram has extended
its remittance relationship with Visa, allowing US consumers to
send funds directly to Visa account holders in Mexico.
The programme is built from MoneyGram’s
cash-to-Visa service in Guatemala and allows consumers to visit any
of the 35,000 MoneyGram locations in the US to send funds to
eligible Visa accounts in Mexico.
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Transactions are initiated by MoneyGram agents
and processed through Visa’s network, VisaNet. Funds are then
deposited directly to the recipient’s Visa debit, credit or prepaid
account in Mexico and accessible anywhere Visa is accepted.
“This is an exciting development in our push
to deliver solutions to help our customers send and receive money
any way they want anywhere in the world. We are bringing added
convenience and choice to our customers in the US, Mexico and
around the world,” said Pamela H. Patsley, MoneyGram International
chairman and CEO.
“Our relationship with Visa and ability to
leverage its extensive global network provides MoneyGram with
access to Visa account holders around the world, and enables us to
offer our valuable services to a new segment of customers.”
According to data from the World Bank, Mexico
is the top remittance market in Latin America with an estimated
$22.6bn received in 2010, while claiming the third spot globally
after India and China respectively.
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