Acquisition of Nexxo Financial’s kiosk-based money transfer business boosts MoneyGram’s service offerings
MoneyGram, money transfer company, has made a deal with Nexxo Financial Corporation, known for the delivery of alternative financial services, to become its preferred money transfer and bill payment partner.
Through its presence in 200 kiosks in various US cities (which are currently Nexxo Financial’s), MoneyGram will offer money transfers to MoneyGram agents all over the world and bill payment facilities to its customers – services inspired by statistics saying that 60 million people living in the US do not use banks as their main method for every day financial services.
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According to Pam Patsley, CEO and Chairman of MoneyGram, “These low maintenance self-service kiosks are a great way for retailers and financial institutions to provide one-stop-shop money transfer services to their customers. We are excited to be broadening our service offering and accelerating our growth with this dynamic, technology-driven product.”
“By partnering with MoneyGram, we’ll have the support of a trusted money transfer company to provide a more robust solution to retailers and financial institutions. This will enable us to reach more consumers in the future. It’s a win-win for both companies.” Said David Alvarez, Nexxo Co-founder and CEO.