Paypal announce partnership with MoneyGram, a leading global money transfer company operating in more than 196 countries, to expand ability to give consumers and businesses the ability to load, move and access cash with their PayPal digital wallet.
How will it work? In the future PayPal customers will be able to put cash in and take funds out of a PayPal account from many of MoneyGram’s 284,000 locations around the world, bringing convenience to a variety of different businesses and consumers. This includes consumers who would like to use their cash to spend online or offline wherever PayPal is accepted, or for merchants that want quick access to the money received in their PayPal account. It will also provide an extremely fast and secure way for consumers with instant money transfer needs, like parents needing to send money to their kids in college.
Those without a credit card or bank account will have a fast and easy way to turn cash into payments across any channel. This could be a consumer who shops online using pre-paid cards that will instead have the ability to put their cash directly into a PayPal account and use it anywhere PayPal is accepted. It will provide consumers and businesses with an incredibly fast translation of cash to commerce and the service will be quick, secure and very user-friendly; a mobile number or email will be all a user needs.
In addition to the ease and convenience this will offer to new and existing PayPal customers, we are also excited about how our new relationship with MoneyGram will benefit our collective partners. For instance, our bank partners will be able to offer real-time money movement capabilities to be picked up at any MoneyGram location, and our retailer partners will benefit from the ease by which PayPal consumers and businesses can now access their cash to engage and shop more across all channels. The service is expected to be piloted in the US in early 2013, and gradually rolled out in the US and beyond.
This latest initiative with MoneyGram is another example of how we’re enabling our digital wallet to work across multiple platforms and devices, online and offline, in order to offer consumers more control, flexibility and functionality when interacting with their money. At PayPal, we aspire to help people get more of what they want through better, simpler financial services and products.