MoneyGram, a U.S.-based money transfer company with 310,000 agent locations in 185 countries, reportedly has partnered with G-Xchange Incorporated (GXI), a subsidiary of Philippines-based Globe Telecom, to make funds sent via MoneyGram available to customers of GCash, GXI’s mobile micropayment system, at GXI retail outlets in the Philippines. The number of GXI outlets is not available. It is reported that MoneyGram plans to expand the partnership to other retail outlets including pawnshops, stores and rural banks in the Philippines, but a timeline for this was not disclosed.
As of year-end 2012, Globe Telecom reported revenue of PHP 86.5 billion (USD 2.1 billion), 33.1 million mobile subscribers and 1.7 million broadband customers. MoneyGram operates in approximately 185 countries and reported USD 5.15 billion in total assets in 2012.
By Brian LeBlanc, Research Associate
About MoneyGram
MoneyGram is a US-based money transfer company that offers fund transfer services and money order services. As of year-end 2012, MoneyGram reported USD 5.15 billion in total assets and 310,000 retail locations in 185 countries.
About Globe Telecom
Globe Telecom is a telecommunications company in the Philippines providing mobile, fixed-line and broadband networks to individuals and businesses. As of year-end 2012, Globe Telecom reported revenue of PHP 86.5 billion (USD 2.1 billion), 33.1 million mobile subscribers and 1.7 million broadband customers. G-Xchange Incorporated (GXI), a subsidiary of Globe Telecom, currently administers GCash, an international mobile micro payment service.
Sources and Additional Information:
PhilStar article, http://www.philstar.com/banking/2013/03/26/923947/moneygram-expands-remittance-reach-globe
MicroCapital article, December 10, 2012, “MICROCAPITAL BRIEF: Globe Telecom of the Phillipines to Expand GCash Mobile Services to Point of Sale (POS),” https://www.microcapital.org/microcapital-brief-globe-telecom-of-the-philippines-to-expand-gcash-mobile-services-to-point-of-sale-pos/
MicroCapital article, December 14, 2009, “MICROCAPITAL BRIEF: MoneyGram International to Extend Money Transfer Services to Two Cooperative banks in India, Abhyudaya Co-Op Bank Limited and Thane Janata Sahakari Bank Limited,” https://www.microcapital.org/microcapital-brief-moneygram-international-to-extend-money-transfer-services-to-two-cooperative-banks-in-india-abhyudaya-co-op-bank-limited-and-thane-janata-sahakari-bank-limited/
MicroCapital article, January 15, 2007, “US-Based Microfinance International Hopes to Challenge Western Union and MoneyGram in the Remittance Industry while Benefiting Immigrants and Making Money Using Microfinance as Alante Financial,” https://www.microcapital.org/us-based-microfinance-international-hopes-to-challenge-western-union-and-moneygram-in-the-remittance-industry-while-benefiting-immigrants-and-making-money-using-microfinance-as-alante-financial/
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