EXHIBIT 15.1     
                                                                
                                                             June 13, 1996     
   
The Board of Directors of     
   
Moneygram Payment Systems, Inc.     
   
  We are aware of the inclusion in Amendment No. 2 to the Registration
Statement (Form S-1 No. 333-228) and related Prospectus of Moneygram Payments
Systems, Inc. of our report dated May 17, 1996 relating to the unaudited
interim financial statements of Moneygram Payments Systems, Inc. for the
quarter ended March 31, 1996.     
   
  Pursuant to Rule 436(c) of the Securities Act of 1933 our report is not part
of the registration statement prepared or certified by accountants within the
meaning of Section 7 or 11 of the Securities Act of 1933.     
                                             
                                          ERNST & YOUNG LLP     
   
Denver, Colorado     
 
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  The foregoing acknowledgement is in the form that will be signed upon the
completion of the transactions and restatement of capital accounts in Note 1
to the audited financial statements as of and for the year ended December 31,
1995 under the caption "Formation of the Company".     
                                             
                                          ERNST & YOUNG LLP     
   
Denver, Colorado     
   
June 13, 1996