DeviceFidelity has chosen MoneyGram to be the money transfer provider for its moneto mobile wallet.
MoneyGram's services are now available to moneto users on iPhone and Android devices, allowing DeviceFidelity's customers to send funds to more than 321,000 locations in about 200 countries.
Once users register with the moneto service through the app, they receive a MasterCard-branded prepaid card in the mail. Once the moneto account is active, consumers click "send money" on the account home screen, and the app guides the user through the process. Money transfers are typically available in about 10 minutes. The app supports mobile payments at retail stores by adding on DeviceFidelity's Near Field Communication technology.
"Money transfers play an important role in providing for basic living expenses for individuals around the world," said Tim Summers, head of emerging channels at MoneyGram, in a July 16 press release.
DeviceFidelity relaunched the moneto mobile wallet about a year ago, bringing most of the tech work in house after previously using Spring Card Systems. The wallet supports MasterCard PayPal contactless payments.
MoneyGram has been diversifying its product strategy through electronic payments partnerships with PayPal and Fiserv in an attempt to gain market share on Western Union, the industry's largest money transfer service.