EXHIBIT 15.1
                                                            
                                                         December   , 1996     
 
The Board of Directors of
MoneyGram Payment Systems, Inc.
   
  We are aware of the inclusion in Amendment No. 5 to the Registration
Statement (Form S-1 No. 333-228) and related Prospectus of MoneyGram Payments
System, Inc. of our report dated October 16, 1996 (except as to Note 2, as to
which the date is December   , 1996) relating to the unaudited interim
financial statements of MoneyGram Payments Systems, Inc. for the nine-month
period ended September 30, 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 described
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
   
December 4, 1996