MoneyGram International Inc. (NYSE:MGI), one of the largest global money transfer companies, announced on October 1 that it had inked a new, three-year deal with Walmart that allows the two companies to continue working together, sending its small cap stock higher.
In a release, MoneyGram stated that it will continue to provide its suite of financial products to Walmart, which include money transfers, bill payments and money orders. These services will be offered at every Walmart throughout the country and in Puerto Rico.
The deal stipulates that MoneyGram will remain the preferred money transfer service for Walmart, a partnership that has been going strong for 13 years.
"This is our fourth money transfer agreement with Walmart since 1999 and our shared commitment to value and customer service continues to be the foundation for our successful relationship," said Pam Patsley, chairman and CEO of MoneyGram. "We are committed to delivering innovative solutions and compelling products for consumers."
MoneygGam's stock is faring well, and is also responding to an earlier announcement that the firm had released a new mobile app, which allows customers to use their smartphone as a wallet.
As of 2:59 p.m. on Monday, the company's stock was 13.8 percent higher to $17.00.