MoneyGram (MGI), a leading global money transfer and payment services company, is teaming up with PicomoPay to allow its consumers in the U.S. to send money transfers via PicomoPay's Facebook application to more than 336,000 MoneyGram agent locations in more than 200 countries. The innovative social media service will be available to consumers in May.
PicomoPay is a social and mobile payments platform integrated within Facebook. Its primary business is to allow consumers to conduct person-to-person payments funded by their PicomoPay Digital Wallet, and to buy and send virtual gift cards on Facebook.
"The opportunity to have a relationship with PicomoPay furthers our goal of accelerating the growth of our self-service channels," says Alex Hoffmann, MoneyGram executive vice president Global Product & Emerging Channels. "By working with a company that has already succeeded in monetizing social media, we are giving our consumers innovative options to send money for life's essentials, however they want, wherever that want, whenever they want."
New research shows that 62 million adults made purchases on social media sites within the past 12 months.* As social media becomes an even larger part of a consumer's day to day interaction, the agreement between PicomoPay and MoneyGram seeks to innovate and leverage the ways in which consumers are transacting online.
"By leveraging growing payment trends on Facebook, the PicomoPay team is helping meet the huge demand for sending funds back to family and friends in their home markets," says Shoko Tsuji, vice president of Corporate Communications of PicomoPay. "Our alignment with MoneyGram provides an extensive global network that allows consumers to transfer funds to their loved ones securely and easily."