Ingenico Partners with MoneyGram in Europe
- POS terminals manufacturer Ingenico has signed a framework-agreement covering the SEPA region with global funds transfers company MoneyGram. Ingenico Prepaid Services subsidiary will be operating this service in France. About one hundred affiliated merchants will be proposing this service before end 2011: telephone shops, tobacconists and newsagents for instance.
- This partnership is intended to better address the needs of migrant populations: MoneyGram is present in 192 countries. The service will be operated through 244,000 points of sales worldwide, including over 1,000 in France, as figures increased by 10% thanks to the Ingenico agreement.
- Through this agreement with the world number two POS terminal manufacturer Ingenico, MoneyGram generates new growth perspectives to avoid stepping behind its main rival Western Union. The latter acquired TravelEx’s Global Business Payments division in July 2010, thus further expanding its network of 270,000 agents. In September, it officialised the creation of a “New Ventures” division.
- Ingenico is pursuing its development towards services to provide for the expansion of other activities parallel to its primary business as POS manufacturer and software vendor. The addition of funds transfer services at Ingenico Prepaid Services-affiliated points of sales makes them even more attractive. This strategy aims at covering more and more of the customers’ needs at the POS. Services such as bill payments, mobile or other prepaid account toping-up, games, loyalty, etc. are already available at points of sales.
- Ingenico also intends to propose other services such as the management of payment transactions to provide for its diversification strategy: follow-up of cash collections, terminal estate management, online payment module (e PSP), Axis integrated platform, virtual telecom operator and application development.