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MoneyGram, Visa team up to launch a new P2P money transfer service

MoneyGram International Inc., a global provider of innovative money transfer services, in partnership with Visa Inc. via Visa Direct (a real-time push payments platform) has announced the launch of a new debit card deposit service.

The new person-to-person (P2P) money transfer option will allow customers in the United States to send money domestically through the MoneyGram app or via its website to other recipients’ eligible debit cards, the company said in a statement.

“Visa and MoneyGram share a common goal of providing customers with a fast and reliable way to pay and be paid. By implementing Visa Direct, companies like MoneyGram are able to offer choice, flexibility, and peace of mind to customers…” Bill Sheley, Senior Vice President, Global Head of Visa Direct, Visa commented.

Pricing for the debit card deposit service starts at $1.99 and allows customers to transfer funds to the eligible debit card at any time, including weekends and holidays. Currently available only in the US, the companies have plans to push the service to the markets outside the US soon.

MoneyGram is a provider of omnichannel money transfer and payment services that enable consumers to safely and conveniently send money in over 200 countries and territories. The platform leverages its digital and physical network, global financial settlement engine, cloud-based infrastructure with integrated APIs, and its compliance program.

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