MoneyGram, PicomoPay to Enable Money Transfers on Facebook

MoneyGram is working with PicomoPay to enable U.S.-based Facebook users to send funds to MoneyGram agent locations in 200 countries using PicomoPay's Facebook app.

The money transfer function will go live in May, MoneyGram says in an April 28 press release. PicomoPay provides a social and mobile payments platform that supports person-to-person payments on Facebook funded by the PicomoPay Digital Wallet.

"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," says Alex Hoffmann, MoneyGram's executive vice president of global product and emerging channels, in the release.

MoneyGram supports fund transfers through a number of partnerships, including an online transfer deal with Ukash and an in-store service with Walmart, which recently launched a domestic Walmart-2-Walmart service while still supporting MoneyGram for international transfers.

Facebook is separately licensed as a money transmitter throughout the U.S., and has recently pursued the same licensing in Ireland. Facebook's payments initiatives include a plastic gift card and a mobile checkout system.