MoneyGram International (NYSE: MGI), a leading provider of global payment services, and Visa (NYSE: V) today announced plans to introduce Visa ReadyLink - Visa's prepaid load network - in MoneyGram's 40,000 agent locations across the United States, providing financially underserved consumers with more convenient options to add funds to their Visa reloadable prepaid cards.
By becoming a Visa ReadyLink participant, MoneyGram enables consumers with any Visa ReadyLink-enabled prepaid card to add funds - in real-time - anywhere MoneyGram Money Transfer and ExpressPayment are offered. MoneyGram joins more than 8,000 participating Visa ReadyLink locations, further extending the convenience and security of reload services to Visa prepaid cardholders in more convenient, everyday shopping locations.
According to Visa estimates, more than 80 million consumers in the United States are "financially underserved," without access to a banking relationship or access to a payment card. These consumers receive approximately $1 trillion in annual income, pay more than $1 billion in check cashing fees a year, and rely heavily on cash for everyday transactions.
"By making Visa ReadyLink available in MoneyGram's locations, we're able to offer greater access and convenience to Visa prepaid cardholders seeking a better alternative to a cash-and-carry lifestyle," said Elizabeth Buse, global head of products, Visa Inc. "Prepaid is a key priority for Visa and a vital part of our long-term growth strategy. That's why we continue to invest in building upon what we believe is the industry's most flexible and robust prepaid product suite and infrastructure."
"Our relationship with Visa strengthens our ability to provide consumers with even more convenient options to manage their finances, which is especially critical in the current economic environment," said Greg Waltz, vice president and general manager of payment products at MoneyGram. "MoneyGram is proud to participate in Visa ReadyLink, and we look forward to providing Visa ReadyLink cardholders with more convenient locations to add funds to their cards."