In 2008, we introduced MoneyGram Rewards - our loyalty program for frequent customers. We launched the program initially in the U.S. and then in Canada, France, Germany, Italy and Spain in 2009. We have plans to introduce the program in other European countries and in the Caribbean.
More than 4 million members are enjoying the benefits of MoneyGram Rewards, including: a discount on transfer fees (in U.S. members can earn 5-to-10 percent or a fixed 5 percent in foreign markets), receive notifications - giving them peace of mind the money was picked up - and services such as access to their transaction history and quarterly statements. Our rewards program is simple, transparent and tangible vs. other industry reward programs that have accumulation requirements and point conversions.