MoneyGram, CashEdge in money movement capabilities integration deal

Under the terms of the agreement, consumers who receive funds via CashEdge’s Popmoney service will gain the ability to direct receipt of their funds to any of MoneyGram’s 200,000 retail agent locations in over 190 countries. Popmoney customers would thus be able to send money to recipients who can then direct the funds to be picked up at an international MoneyGram location, to recipients who lack a traditional bank account, or to those who prefer to withdraw funds as cash.

In addition, MoneyGram customers are expected to be provided with several sending options by leveraging CashEdge’s financial institution partnerships and capabilities in the US and India, as well as other enhanced technological functionality for upcoming products.

Launched in December 2009, CashEdge’s Popmoney allows consumers to send money from their bank account using a recipients email address, mobile phone number or bank account information. Popmoney provides support for text messaging, WAP and downloadable mobile applications. The service is available via 175 U.S. financial institutions.