MoneyGram Implements Mastercard Move to Facilitate Digital Money Movement

MoneyGram has implemented Mastercard Move, a portfolio of money transfer solutions, to facilitate digital money movement domestically and across borders.

With this integration, MoneyGram customers can use any U.S.-issued Mastercard card to send funds to 38 eligible receiving markets and receive money through nearly 10 billion additional endpoints around the world, the companies said in a Wednesday (April 2) press release emailed to PYMNTS.

MoneyGram and Mastercard plan to increase the number of receiving markets and add more cross-border payment capabilities for MoneyGram customers throughout the year, according to the release.

“Our expanding global network, present in nearly every country, is one of our most valuable assets,” MoneyGram CEO Anthony Soohoo said in the release. “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.”

This combination will provide MoneyGram customers with access to near real-time funding from any U.S.-issued Mastercard; the ability to send funds across borders to bank accounts, mobile wallets, Mastercard cards and cash pickup endpoints; the security of the two companies’ networks; low transaction fees; and greater access to payouts, per the release.

“Unlocking more efficient and secure ways to send and receive money is critical for fueling entry into the digital economy,” Chiro Aikat, co-president, United States at Mastercard, said in the release. “By integrating Mastercard Move into MoneyGram’s extensive network, we’re building in speed and added peace of mind into every transaction so that critical funds can get into hands when and where it’s needed.”

Mastercard reported during a January earnings call that Mastercard Move transactions leaped 40% year over year in the fourth quarter.

The company said March 17 that it began offering its money transfer solutions through Jack Henry’s Rapid Transfers service, allowing for near real-time money movement via Mastercard Move.

Alan Marquard, head of transfer solutions at Mastercard, told PYMNTS in an interview posted in March 2024 that in building out Mastercard Move, “We want it to be a comprehensive money transfer offering,” that can be tied to things like payroll cross borders, gaming payments and B2B transactions.