MoneyGram and AccountNow Launch Visa Prepaid Card
MINNEAPOLIS & SAN RAMON, Calif.--(BUSINESS WIRE)--May. 13, 2009--
MoneyGram International (NYSE: MGI), a leading provider of global
payment services, and AccountNow, the innovative award-winning prepaid
card marketer, today announced an agreement to launch a new Visa-branded
prepaid card available at select MoneyGram agent locations starting in
June 2009. The agreement builds on an existing relationship wherein
MoneyGram is providing consumers with the convenience of adding funds to
their AccountNow reloadable prepaid cards at any of its 40,000 MoneyGram
ExpressPayment® locations across the United States.
The MoneyGram AccountNow Prepaid Visa card, which will participate in
the Visa ReadyLink, Interlink, and Plus networks, joins an extensive
line of MoneyGram products to serve underbanked consumers with a
low-cost and convenient way to complete financial transactions such as
bill payment and money transfer. No credit or bank account is necessary
for card holders to load cash at any MoneyGram agent location, and
consumers can use the card everywhere Visa debit is accepted.
“We recognize the value of offering a prepaid card as the underbanked
population continues to grow and more consumers, who may not have access
to a traditional credit card, seek secure and convenient alternatives
that provide more control over their finances and fewer surprises such
as over-draft fees, late fees and interest rate changes,” said Tim
Summers, general manager of Consumer Products Americas at MoneyGram.
“This is truly a win-win for both companies. AccountNow, with its
expertise in acquiring, servicing and managing underbanked consumers, is
an excellent partner to enable MoneyGram to deliver an exceptional
prepaid card to our customer base. And, MoneyGram, with its 40,000
locations in the United States, brings a new level of convenience to
Matt Montes, founder of AccountNow, said: “The value of working with
MoneyGram on this co-brand card will be realized everyday by the
thousands of consumers who sign up for this card. Consumers will save
money and time with every use. This partnership fits perfectly with
AccountNow’s strategy to work only with the world’s best organizations
that share our philosophy of providing services to truly benefit our
Brian Triplett, head of global prepaid products, Visa Inc., added: “At a
time when more consumers are focused on managing their finances, prepaid
products can be a helpful budgeting tool, while empowering consumers
with a better way to make everyday purchases, pay bills and receive
payroll deposits. Prepaid is a key priority for Visa, and we are excited
to work with MoneyGram and AccountNow to extend access to prepaid
products and services to financially underserved consumers.”
The MoneyGram AccountNow Prepaid Visa Card is issued by MetaBank
pursuant to a license from Visa U.S.A. Inc.
About AccountNow, Inc.
AccountNow, headquartered in San Ramon, California, is a leading
provider of financial solutions for the 40 million US consumers who do
not have established credit or traditional banking relationships.
AccountNow’s money saving offers give consumers an alternative to
"traditional" checking accounts and access to the financial and payment
systems, including Visa prepaid cards, Pay Anyone Bill Payment with PRBC
bill payment reporting, and FDIC-insured deposits. Visit AccountNow
online at www.accountnow.com.
About MoneyGram International, Inc.
MoneyGram International offers more choices and more control for people
separated from friends and family by distance or those with limited bank
relationships to meet their financial needs. A leading global payment
services company, MoneyGram International helps consumers to pay bills
quickly and safely send money around the world in as little as 10
minutes. Its global network is comprised of 180,000 agent locations in
190 countries and territories. MoneyGram’s convenient and reliable
network includes retailers, international post offices and financial
institutions. To learn more about money transfer or bill payment at an
agent location or online, please visit www.moneygram.com.
Source: MoneyGram International
Matt Montes, 925-498-1811