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MoneyGram International Inc. said it will adopt Mastercard Move, the card network’s cross-border money-transfer application.
Mastercard Move will enable MoneyGram users to initially send cross-border payments to 38 markets. Additional markets are expected to come online throughout the year. MoneyGram customers can receive payments through MasterCard Move at nearly 10 billion endpoints worldwide.
Launched late last year, Mastercard Move supports person-to-person payments, business payments, disbursements, and cross-border transactions. Money transfers are initiated using the Mastercard Send application programming interface.
The addition of Mastercard is expected to provide MoneyGram users with near real-time payment capabilities. Funds can be sent cross-border to bank accounts, mobile wallets, Mastercard-branded cards, and cash pick-up endpoints.
Sending money via the Mastercard network and Mastercard branded cards is expected to speed cross-border payments and add “peace of mind into every transaction” Chiro Aikat, co-president, United States for Mastercard, says in a statement.
Mastercard Move has access to more than 95% of the world’s banked population, reaching more than 180 countries and supporting more than 150 currencies. The MoneyGram network reaches 450,000 retail locations and 5 billion digital endpoints across 200 countries and territories.
The link to Mastercard is crucial for MoneyGram, the money-movement network says. “Through strategic alliances like this, we continue to grow our network, advancing MoneyGram’s mission to make cross-border payments seamless, affordable, and secure for everyone,” MoneyGram chief executive Anthony Soohoo says in a statement.
