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MoneyGram (MGI) and Walmart Mexico Extend Agreement

May 25, 2016 8:01 AM EDT

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MoneyGram (NASDAQ: MGI) and Walmart Mexico have extended their agreement to provide MoneyGram receive services at many Walmart locations in the country until 2018. The new contract ensures customers will continue to enjoy the same quick, convenient and reliable money transfer services at most of their favorite Walmart Mexico locations.

"The United States to Mexico remittance corridor is the largest single country to single country corridor in the world. The signing of this new agreement with Walmart Mexico and the recent signing of a new contract with Walmart in the United States, demonstrates the companies' commitment to each other as well as a shared commitment to our customers on both sides of the border," said Pete Ohser, MoneyGram's executive vice president of Americas and Europe. "Together we will continue to make investments in marketing and technology to provide customers the best experience when receiving money from friends and family around the globe."

MoneyGram receive services have been available inside all of Walmart's five different branded stores in Mexico since the companies signed their first contract in 2000. Customers will continue to receive pay outs at Walmart Super Centers, Bodega Aurrera, mi Bodega Aurrera, Superama and Suburbia locations.

According to the World Bank, remittances into Mexico have surpassed oil as the country's primary source of foreign income. More than $25 billion flowed into the country in 2015.



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