MoneyGram Issues Update On Extension Of Walmart Contract - Quick Facts

(RTTNews) - MoneyGram International, Inc. (MGI) said the MoneyGram 'powered by' Walmart2World white-label money transfer service will now be joined by other brands in becoming part of a marketplace of money transfer services at Walmart stores across the United States. MoneyGram has extended its agreement with Walmart to continue to provide MoneyGram-branded money transfer, 'powered by' white-label Walmart2World money transfer, bill payment and money order services into 2021.

MoneyGram said, for the third quarter of 2019, the MoneyGram 'powered by' white-label Walmart2World product represented approximately 9 percent of total company revenues. The company said, at this time, it is difficult to predict exactly how this new Walmart marketplace will impact current transaction volumes and profit margins.