January 06, 2001

More competitive rates, new products and a newly enlarged network are the cornerstones to MoneyGram Payment Systems' retooled strategy for the U.S. to Mexico money transfer market.

"We see the U.S. - Mexico corridor continuing to grow in the 12 to 15 percent range and have always had a significant presence in this market," said Ann Doelling, vice president of worldwide marketing for MoneyGram. "The combination of our new retail pricing structure for Cambio Plus, an easy-to-use FormFree product, and an expanded network of agents in Mexico serves to renew our commitment to the customer."

The new Cambio Plus pricing allows customers to send any amount of money to Mexico for a flat $15 fee.

"A simplified, one fee for all amounts sent is good news; however, what makes the Cambio Plus service 'great' is its foreign exchange factor," said Doelling. "Cambio Plus offers one of the most competitive peso pay-out rates in the industry, a feature which is designed to attract new customers and continue to reward our existing MoneyGram senders. Our customers are really the ones that designed this new fee structure. They wanted simplification and the greatest number of pesos for their loved ones back home."

The expanded network of retail agents for Cambio Plus now includes more than 650 Mexico locations with agents like Wal-Mart, American Express, Gasoplus, and Gigante. MoneyGram has plans to add a significant number of new locations in Mexico during 2001.

The company also launched a new "FormFree" service which allows senders to quickly and easily process transactions without filling out long written forms. The program is being tested in specific California locations. The sender simply goes to the agent location, picks up a special telephone, where they give their information to a live MoneyGram representative. Then the customer gives a confirmation number to the agent and the transaction is completed. FormFree is already proving to provide faster service to customers and more accurate information for agents.

Doelling said preliminary figures from the recent Christmas holiday season are encouraging. "It looks as though we are seeing some immediate results from the new strategy," she said. "Our transactions from the U.S. to Mexico were up significantly in December during the launch of our new fees and expanded service."

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