Funds during emergency situations
Money transfer company, MoneyGram, is partnering with bankcard network, UnionPay, to provide emergency cash services to UnionPay credit cardholders (view press release). The service which will become available to member institutions gradually, will provide consumers with access to funds during emergency situations, including lost, stolen or malfunctioning cards. In addition, the agreement means that UnionPay member institutions who have signed up to use the MoneyGram service will be able to use MoneyGram’s network of around 284,000 locations to receive emergency cash services. The amount of available emergency cash is based on the credit limit designated by the card-issuing bank, with the maximum amount capped at USD 5,000.
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