(NASDAQ: MGI), a leading global money transfer company, today announced
that PayPal's 55 million active U.S. account holders can now initiate a
withdrawal from their accounts — online or via mobile — and pick up the
funds at any MoneyGram location in the United States. This represents
the first phase of a rollout that will also include the ability for
PayPal customers to load funds into their accounts at various MoneyGram
U.S. locations by the end of the year.
Later this month, PayPal customers will also be able to load money into
their accounts at select MoneyGram locations in Dallas, New York and San
Francisco, with additional locations scheduled to be rolled out during
The new service supports an essential need for PayPal's U.S. customers —
particularly those who do not have a bank account or credit card — to
fund and maintain a PayPal account, as well as withdraw cash and send
money to friends and family.
"MoneyGram offers a powerful platform that we're leveraging across the
payments landscape, delivering new ways for customers to send and
receive funds however, whenever and wherever they want," said Pamela H.
Patsley, MoneyGram chairman and CEO. "Innovation is at the core of
MoneyGram's business today, and we're delighted to work with one of the
world's leading e-commerce companies to deliver this valuable new
A newly launched, co-branded website — www.paypal.moneygram.com
— provides simple step-by-step instructions for loading and sending
funds to a PayPal account at select MoneyGram locations. Consumers also
can use the site to initiate a cash withdrawal from their PayPal
account. The funds will be available for pick-up at a MoneyGram
location, often in as little as 10 minutes.
"This new service will provide an even greater level of flexibility,
convenience and value to existing PayPal users," said Mark Lavelle,
senior vice president of strategy and business development at PayPal.
About MoneyGram International
MoneyGram International, a leading money transfer company, enables
consumers who are not fully served by traditional financial institutions
to meet their financial needs. MoneyGram offers money transfer services
worldwide through a global network of 327,000 agent locations --
including retailers, international post offices and financial
institutions -- in 198 countries and territories. MoneyGram also offers
bill payment services in the United States and Canada. MoneyGram is
listed on the NASDAQ Stock Exchange under the ticker symbol MGI. To
learn more about money transfer or bill payment at an agent location or
online, please visit moneygram.com
or connect with us on Facebook.
Mike Gutierrez, 214-303-9923
Source: MoneyGram International
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