MoneyGram announced on Monday that, beginning in May, U.S. customers will have the option to send money to friends and family via PicomoPay’s Facebook app.
“The opportunity to have a relationship with PicomoPay furthers our goal of accelerating the growth of our self-service channels,” Alex Hoffmann, the executive vice president of global product and emerging channels at MoneyGram, said. “By working with a company that has already succeeded in monetizing social media, we are giving our consumers innovative options to send money for life’s essentials, however they want, wherever that want, whenever they want.”
PicomoPay, which is integrated within Facebook, allows consumers to send person-to-person payments through the PicomoPay Digital wallet. Consumers are also able to purchase and send virtual gift cards to other Facebook users.
According to recent research by Javelin Strategy and Research, more than 60 million adults made purchases on social media sites over the past year. The agreement between PicomoPay and MoneyGram seeks to capitalize on the growth of social media in payments and to innovate on the ways consumers conduct business online.
“By leveraging growing payment trends on Facebook, the PicomoPay team is helping meet the huge demand for sending funds back to family and friends in their home markets,” Shoko Tsuji, the vice president of corporate communications at PicomoPay, said. “Our alignment with MoneyGram provides an extensive global network that allows consumers to transfer funds to their loved ones securely and easily.”