Mastercard Joins Forces with Moneygram to Offer Customers Fast and Secure Digital Money Movement

Everyone in the credit card industry — and many of those outside it — are familiar with Mastercard. It’s one of the biggest card networks in the world and it facilitates payments in 150 currencies and across more than 200 markets.

Moneygram — a financial technology outfit that provides a platform to help move money across borders —  is less of a familiar name, but that may soon change.  

Mastercard has announced a partnership with Moneygram to further digital money movement internationally and domestically. Under the partnership, Moneygram is making use of a portfolio of Mastercard money-transfer tools — known as Mastercard Move — to help its customers access quick and secure payment options.

Mastercard Move can deliver funds to 180 countries and 300,000 pick-up locations for cash. 

“We’re excited to work with Mastercard to empower individuals and communities around the world, expanding access and choice when it comes to their finances,” Anthony Soohoo, CEO of MoneyGram, said in a press 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,” Soohoo continued.

Mastercard Move has an extensive reach, with capabilities to access more than 95% of the banked population in the world. As a result of the newly established partnership, Moneygram customers can use any Mastercard card issued in the U.S. to send payments to 38 markets, including the U.S., the U.K., New Zealand, and Singapore.

Mastercard Move allows users to to send funds across borders to bank accounts, cash pick-up points — depending on market availability, mobile wallets, and Mastercard cards. In total, Mastercard Move can reach approximately 10 billion endpoints, including 2.4 billion Mastercard cards. 

Mastercard Move is a valuable tool for a variety of business and personal use cases. Businesses who need a quick and secure way to pay gig workers can use Mastercard Move for their payment needs. It can also satisfy the requirements of companies that need to send a payment to an international vendor.

In a world where transaction speed is seemingly more important than ever, accessing a solution that allows you to move funds in near real-time can position businesses to exceed stakeholder demands. 

On the personal front, migrant workers looking to send cash to relatives back home can use Mastercard Move to transfer funds efficiently. 

Chiro Aikat is the Co-President of United States, Mastercard. Aikat said in a press release that unlocking ways to send and receive money that is both efficient and secure is vital for “fueling entry into the digital economy.”

“By integrating Mastercard Move into MoneyGram’s vast 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,” Aikat said.