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MoneyGram expands cross-border P2P service with Visa Direct

MoneyGram

Alex Holmes, chairman and chief executive officer, MoneyGram

Money transfer company MoneyGram International, Inc. has expanded its debit card deposit service internationally, which it launched in collaboration with Visa through its real-time push payments platform, Visa Direct.

The service is currently available in Spain and the Philippines. It expects to launch the service to additional countries in the coming months.

“This is an exciting time for us as our business transformation continues to move at a rapid pace as we seek to accelerate digital growth and deliver a streamlined customer experience,” said Alex Holmes, MoneyGram Chairman and CEO. “Cross-border digital growth is a key strategic priority, and we will continue to lead the industry with innovative products and services.”

With Visa Direct, which enables payments to over a billion cards worldwide, customers will have the ability to send money in real-time. MoneyGram customers can use the app or the MoneyGram website to send funds to other recipients’ eligible Visa-branded debit cards, the company said.

“We are committed to supporting the best possible cross-border money transfer experience for consumers and businesses around the world,” said Bill Sheley, SVP and Global Head of Visa Direct, Visa. “The initial launch phase with MoneyGram has been a success. Based on customer feedback to date and seamless integration of Visa Direct into MoneyGram’s digital network, we look forward to continuing the rapid expansion of this service to new markets worldwide.”

The launch comes on the heels of the successful launch of Visa Direct in the United States where about 50 per cent of users are new to MoneyGram, and early indicators show customer retention rates are outperforming expectations, it added.

Last month, MoneyGram International partnered with Wing (Cambodia) Limited Specialised Bank, to offer a service that will allow customers to receive funds directly into their mobile wallets.

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