Under the terms of the agreement, InComm will assist MoneyGram in the distribution and activation of MoneyGram Xpress packages, which will be available to US consumers in select outlets in InComm’s network of over 225,000 retail locations.
MoneyGram said that the initially MoneyGram Xpress service will be offered in $50, $100 and $200 denominations and can be redeemed online or by telephone to complete the transaction. MoneyGram Xpress packages will be available at participating retailers’ InComm in-lane card suite and can be purchased at the register.
MoneyGram vice president of product management Stu Kiefer said that prepaid money transfers allow consumers to pay for the transfer amount and fees at the same time as they make other retail purchases and then actually make the transfer when convenient for them – online or by phone.
Further, MoneyGram’s partners will enable MoneyGram to eventually offer the product in 40 countries including Canada, Hong Kong, Russia, the UK, the US and countries in the European Union. The funds can be sent anywhere in the world.
