MoneyGram International (NYSE:MGI), a leading global money transfer company, today announced an agreement with SMART Communications, Inc., the leading wireless services provider in the Philippines, that will make it easier and more convenient for consumers in the Philippines to receive money transfers to their SMART Money account on their mobile phones.
Today, MoneyGram will launch a pilot of the service in a select number of agent locations in San Diego, California, and Hong Kong. Consumers can send transactions from these pilot locations to any SMART Money account linked to the SMART mobile phone in the Philippines.
SMART Money is the world's pioneer in mobile wallet service and in cross border remittances into mobile wallets. Through the SMART Money platform, remittance beneficiaries have the flexibility to store the remittance value in their SMART Money Account linked to their phone, pay bills or withdraw the money from an ATM, a SMART Wireless Center or SMART Money Center. Beneficiaries also receive real-time text notifications after every transaction, giving them added reassurance of the successful receipt of the remittance.
"This partnership gives MoneyGram access to more than 39 million SMART subscribers in the Philippines and extends the benefits of our safe and reliable money transfer services to a new category of consumers," said John Hempsey, executive vice president for MoneyGram's Europe, Middle East, Africa and Asia Pacific regions. "The Philippines is a major global remittance market and we're pleased to offer yet another convenient choice for Filipinos working abroad to send money to their friends and family back home."
"The collaboration between MoneyGram and SMART will enable Filipinos abroad to send remittances directly to their loved ones' SMART mobile phones in a matter of minutes," said Napoleon L. Nazareno, president and CEO of Philippine Long Distance Telephone Company and SMART. "This initiative reinforces our commitment to provide overseas Filipinos with more accessible, affordable and secure options to send cash to the Philippines," Nazareno added.
"With more than 4 billion mobile phones in use worldwide today, people in developing countries often have more access to mobile phones than have access to traditional bank accounts," said Hempsey. "Mobile technology will play a critical role in the remittance market, and MoneyGram brings value to partners like SMART in helping to reach new customers, expand product offerings and generate new revenue streams."
Earlier this year, MoneyGram added a U.S. dollar payout option in the Philippines and expanded its agent network to more than 7,000 locations across the country.