MoneyGram International Inc. (MGI) announced the expansion of MoneyGram Rewards into Canada, a loyalty program that offers members fee discounts, receive notices, and fast and convenient money transfers.
MoneyGram Rewards were expanded earlier this year into Germany, Spain and France. It was first introduced in the U.S. in 2008 and now has more than 3.5 million customers who enjoy the benefits of membership, which include discounted transactions, a personalized card for expediting money transfers, quarterly statements and the ability to manage one’s account and profile online.
Further in September, MoneyGram added a feature to the program that allows members to be notified via SMS text message when their money transfer transaction has been picked up by the receiver.
The expansion of the program is a part of MoneyGram’s growth plans in Canada. In July, the company announced the roll-out of thousands of additional Canada Post locations, resulting in MoneyGram money transfer services available at more than 5,000 Canada Post outlets coast to coast.
On Oct 30, MoneyGram reported third-quarter loss of 25 cents, substantially short of the Zacks Consensus estimate of 3 cents. The downside was mainly due to $37.4 million in one-time costs for a patent lawsuit, a legal settlement with the Federal Trade Commission, stock-based compensation and severance costs, asset write-downs and securities gains.
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