MoneyGram and AccountNow announce Visa card for underbanked

MoneyGram International and AccountNow have partnered to introduce a new Visa-branded prepaid card which can be obtained from select MoneyGram agent locations starting in June 2009. The companies stated that "the agreement builds on an existing relationship wherein MoneyGram is providing consumers with the convenience of adding funds to their AccountNow reloadable prepaid cards at any of its 40,000 MoneyGram ExpressPayment® locations across the United States."

With the MoneyGram AccountNow Prepaid Visa card which will participate in the Visa ReadyLink, Interlink, and Plus networks underbanked consumers along with other MoneyGram products will have one more option to conveniently and cost-effectively perform financial transactions such as bill payment and money transfer. No credit or bank account is necessary for card holders to load cash at any MoneyGram agent location, and consumers can use the card everywhere Visa debit is accepted. The MoneyGram AccountNow Prepaid Visa Card is issued by MetaBank pursuant to a license from Visa U.S.A. Inc.

“We recognize the value of offering a prepaid card as the underbanked population continues to grow and more consumers, who may not have access to a traditional credit card, seek secure and convenient alternatives that provide more control over their finances and fewer surprises such as over-draft fees, late fees and interest rate changes,” said Tim Summers, general manager of Consumer Products Americas at MoneyGram. “This is truly a win-win for both companies. AccountNow, with its expertise in acquiring, servicing and managing underbanked consumers, is an excellent partner to enable MoneyGram to deliver an exceptional prepaid card to our customer base. And, MoneyGram, with its 40,000 locations in the United States, brings a new level of convenience to AccountNow customers.”