Alto Global Processing: MoneyGram and PayPal Agreement Brings Together Online and Physical Worlds

17 million active PayPal account holders will be able to load, send, withdraw funds from their accounts at MoneyGram locations around the world

DALLAS–(BUSINESS WIRE)–MoneyGram (NYSE: MGI), a leading global money transfer company, today announced a new global agreement with PayPal that will enable consumers to easily access money in their digital wallets in the physical world. PayPal’s 117 million active account holders will now have the option to put cash in and take funds out of their PayPal accounts at MoneyGram locations.

“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.”

This agreement brings together the world’s leading e-commerce payment company with the world’s second-largest global money transfer company to give consumers a fast, convenient and secure way to easily get funds out of their PayPal account and put cash in via MoneyGram locations. MoneyGram’s network currently includes more than 284,000 locations in 196 countries.

The new service options created through this agreement represent the first global solution for consumers who do not have or use a bank account or credit card to fund and maintain a PayPal account, giving them access to e-commerce. In addition, for the first time, PayPal customers will have a global solution for putting cash into a PayPal account, and a global option to fund, withdraw, and send cash from a PayPal account. These services initially will be piloted in the United States in early 2013, followed by a phased roll-out in the United States and beyond.

“This agreement is a significant milestone for MoneyGram. It represents a new level of innovation and enhances our growth into new areas of the payments industry,” said Pamela H. Patsley, MoneyGram chairman and CEO. “We believe this agreement furthers our goal of making it easy for people to send and receive money in the ways they want, wherever they are in the world, and significantly increases the possibility of e-commerce to MoneyGram consumers.”

“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.”

About PayPal

PayPal is the faster, safer way to pay and get paid online. The service allows people to send payments without sharing financial information, with the flexibility to pay using their account balances, bank accounts (where available), credit and debit cards in various markets. PayPal is an eBay (Nasdaq: EBAY) company and enables global e-commerce with over 117 million active accounts in 190 markets and 25 currencies around the world. PayPal is headquartered in San Jose, California and its international headquarters is located in Singapore. More information about the company can be found at https://www.paypal.com.

About MoneyGram International

MoneyGram International, a leading money transfer company, enables consumers who are not fully served by traditional financial institutions to meet their financial needs. MoneyGram offers bill payment services in the United States and Canada and money transfer services worldwide through a global network of more than 284,000 agent locations – including retailers, international post offices and financial institutions – in 196 countries and territories. To learn more about money transfer or bill payment at an agent location or online, please visit moneygram.com or connect with us on Facebook.

Forward Looking Statements

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements with respect to, among other things, the financial condition, results of operations, plans, objectives, future performance and business of MoneyGram and its subsidiaries. Forward-looking statements can be identified by words such as “believes,” “estimates,” “expects,” “projects,” “plans,” “will,” “should,” “could,” “would” and other similar expressions. These forward-looking statements speak only as of the date they are made, and MoneyGram undertakes no obligation to publicly update or revise any forward-looking statement, except as required by federal securities law. These forward-looking statements are based on management’s current expectations and are subject to certain risks, uncertainties and changes in circumstances due to a number of factors. These factors include, but are not limited to: ongoing investigations involving MoneyGram by the United States federal government and several state governments which could result in criminal or civil penalties, revocation of required licenses or registrations, termination of contracts, other administrative actions or lawsuits and negative publicity; our ability to maintain key agent or biller relationships, or a reduction in transaction volume from these relationships; our substantial debt service obligations, significant debt covenant requirements and credit rating; our capital structure and the special voting rights provided to designees of Thomas H. Lee Partners, L.P. on our Board of Directors; sustained financial market illiquidity, or illiquidity at our clearing, cash management and custodial financial institutions; continued weakness in economic conditions, in both the United States and global markets; a material slow down or complete disruption of international migration patterns; litigation involving MoneyGram or its agents; which could result in material settlements, fines or penalties; fluctuations in interest rates; our ability to manage credit risks from our retail agents and official check financial institution customers; our ability to manage fraud risks from consumers or agents; the ability of MoneyGram and its agents to maintain adequate banking relationships; our ability to retain partners to operate our official check and money order businesses; our ability to maintain sufficient capital; our ability to attract and retain key employees; our ability to successfully develop and timely introduce new and enhanced products and services; investments in new products, services or infrastructure changes; our ability to adequately protect our brand and intellectual property rights and to avoid infringing on the rights of others; our ability to compete effectively; the ability of us and our agents to comply with U.S. and international laws and regulations, including the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010; changes in tax laws or an unfavorable outcome with respect to the audit of our tax returns or tax positions, or a failure by us to establish adequate reserves for tax events; our offering of money transfer services through agents in regions that are politically volatile or, in a limited number of cases, are subject to certain restrictions by the Office of Foreign Assets Control; a security or privacy breach in our facilities, networks or databases; disruptions to our computer network systems and data centers; our ability to effectively operate and adapt our technology to match our business growth; our ability to manage risks related to the operation of retail locations and the acquisition or start-up of businesses; our ability to manage risks associated with our international sales and operations; our ability to maintain effective internal controls; and the risks and uncertainties described in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of MoneyGram’s public reports filed with the SEC, including MoneyGram’s Form 10-K for the year ended December 31, 2011 and its Forms 10-Q for the quarters ended March 31, 2012 and June 30, 2012.

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Contacts

MoneyGram
Patty Sullivan/Sophia Stoller, +1-214-303-9533
media@moneygram.com
or
Larry Meltzer, +1-214-379-3701
larry.meltzer@mm2pr.com

Source: http://www.businesswire.com/news/home/20121022005443/en/MoneyGram-PayPal-Agreement-Brings-Online-Physical-Worlds

For more information on this please feel free to contact Luca Bizzotto, CEO of Alto Global Processing Please visit Alto Global Processing

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Alto Global Processing: PayByGroup Announces Public Beta Launch: Eliminates Hassles Around Group Purchasing

MOUNTAIN VIEW, Calif.–(BUSINESS WIRE)–500 Startups alum PayByGroup, a free, web-based application to eliminate the hassle and reduce those “awkward moments” associated with multiple-party purchases, today announces its official public beta launch. With collaborative consumption on the rise and the proliferation of social platforms and collaboration tools making communication easier, but still not solving the problems of real commitment and payment, PayByGroup is an instinctive choice for consumers accustomed to purchasing, gifting, and renting with close friends, family members, and other tight-knit communities.

“The platform is a game-changer in terms of eliminating the friction often associated with these activities and providing a simple channel for users to spread the word to potential participants via email, Facebook and Twitter.”

PayByGroup enables group organizers to determine who is truly engaged and committed before making a purchase. The platform can be applied to a wide array of categories including ticket purchases (think sports and music), kids’ activities that require parental coordination, and group gifting for special occasions like weddings, baby showers, and retirement parties. For consumers who regularly spearhead travel or large-scale purchases with extended family or friends, PayByGroup’s solution is a boon:

“For many people, finding out who is committed and what everyone owes takes quite a bit of time, energy and coordination, and frankly can be quite uncomfortable,” said Camilo Acosta, CEO of PayByGroup. “The platform is a game-changer in terms of eliminating the friction often associated with these activities and providing a simple channel for users to spread the word to potential participants via email, Facebook and Twitter.”

PayByGroup’s intuitive setup process allows organizers to choose how to split the cost, and the service can even adapt to charging different amounts based on how many people join.

Added Mr. Acosta: “Given that no one is charged until a minimum threshold is reached, everyone that joins in is assured they won’t be left going alone. Our dashboard is designed to allow group purchase coordinators to track the progress of their ‘event’ and watch the status of fund collecting.”

A tracker located on the screen shows what percentage of the funding goal was met and how much money has been committed to date. Once the funding goal of the group purchase has been met, the organizer is notified, the credit cards provided by the participants are charged, and the funds are transferred to the organizer’s bank account within 3-5 days.

About PayByGroup

Mountain View, California-based PayByGroup is a member of the 500 Startups investment family and was founded to alleviate the hassles of group purchases. Frustrated by the lack of a service allowing them to easily pay by group for their purchases, the founders developed PayByGroup to alleviate this pain and fill a much needed void in today’s group-minded, collaborative marketplace.

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Source: http://www.paymentsnews.com/2012/10/paybygroup-beta-launches-group-purchasing-solution.html

Contacts

talkTECH Communications

Kristen Tischhauser, 310-994-6441
Kristen@talkTECHcomm.com

For more information on this please feel free to contact Luca Bizzotto, CEO of Alto Global Processing Please visit Alto Global Processing

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Alto Global Processing: ECB Report Examines The Costs Of Making Payments In The EU

How much does it cost to make a payment? A new report released by the European Central Bank (ECB) today analyses the social and private costs of making retail payments in 13 European countries and discovers that they are substantial, amounting to around €45 billion, or almost 1% of their combined GDP. If extrapolated to cover the 27 Member States of the European Union (EU), these costs would be around €130 billion.

study is the first comprehensive cross-country analysis of the aggregated costs of making payments when purchasing goods and services. It was conducted by the ECB in cooperation with the central banks of Denmark, Estonia, Finland, Greece, Hungary, Ireland, Italy, Latvia, the Netherlands, Portugal, Romania, Spain and Sweden.

Based on a representative sample, the study finds that cash payments account for nearly half of the total costs. As the most commonly used payment instrument, cash has, on average, the lowest social costs per transaction, at €0,42, closely followed by debit cards with costs of €0,70 to society. Cheques are the most expensive form of payment, with unit costs of €3,55. However, in some countries, cash does not always have the lowest unit costs. In five of the countries covered, the costs were lower for debit cards. Such rankings depend on characteristics specific to each country’s payment system, on the market size and its development, and on payment behaviour.

The report looks at the so-called private and social costs. Private costs are those incurred by individual participants in the payments chain – including items such as transportation of cash, management of electronic transactions, acquisition of new customers, credit risk analysis, provision of terminals, fraud prevention and fees for other participants. Social costs are defined as the aggregate costs to society as a whole, excluding fees and tariffs for participants in the payment chain. About half of these total costs are incurred by banks and interbank infrastructure providers, while retailers bear 46% thereof.

“This study is a true joint venture of the ECB and the national central banks involved,” said Benoît Cœuré, Member of the ECB’s Executive Board. “Its results underline how much retail payment services matter for European society and in the economy as a whole. The study will shed light on the debate about how the European market for payment services will look in the future and how overall cost efficiency can be improved even further.”

ImageEuropean Central Bank

Directorate Communications

Press and Information Division
Kaiserstrasse 29, D-60311 Frankfurt am Main
Tel.: +49 69 1344 7455, Fax: +49 69 1344 7404
Internet: http://www.ecb.europa.eu
 
Source: http://www.ecb.europa.eu/press/pr/date/2012/html/pr121001.en.html

For more information on this please feel free to contact Luca Bizzotto, CEO of Alto Global Processing Please visit Alto Global Processing

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