Offline access to online monies
PayPal and MoneyGram have announced a partnership which would allow people to load, move, and access cash to and from PayPal in any brick and mortar location offering MoneyGram services. MoneyGram operates in nearly 200 countries, boasting 284,000 locations worldwide, while PayPal boasts 117 million customers.
It is important to note that while the majority of MoneyGram locations will offer access to PayPal accounts, some will not.
“With their global reach and world-class money transmitting capabilities, MoneyGram is the perfect company for us to innovate with,” said Mark Lavelle, Senior Vice President of Strategy and Business Development at PayPal. “Through this new initiative, more consumers will be able to take advantage of PayPal’s digital wallet, and shop at places like eBay or many of the millions of merchants that accept PayPal.”
More money options without having a bank account
The bottom line is that PayPal is going old school hard cash and MoneyGram is going new school digital dollars. Additionally, PayPal’s Head of Financial Innovations, Dan Schatt noted that now, users without a bank account or credit card will have an alternative option for turning “cash into payments across any channel.”
Schatt added, “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 program is expected to begin rolling out in beta early next year in the U.S., then spreading internationally at a later date.