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Why MoneyGram Stock Popped Today

TheMotleyFool

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Shares of MoneyGram International (NASDAQ: MGI) popped as much as 26% today after the company announced that it was expanding its Visa debit card deposit service in Europe. But by 3:15 p.m. EST on Friday, the stock had given back much of those gains and was up 8%.

MoneyGram is partnering with fintech company Checkout.com for the initiative, which will allow MoneyGram users to send peer-to-peer (P2P) money transfers in what it calls "near real-time" to other debit card holders across 25 countries in Europe. The service will leverage Visa Direct, the payment processing giant's real-time push payments platform.

Image source: MoneyGram.

Source Fool.com

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