International money transfer platform Pangea launched its new debit-to-debit transfer product yesterday (Dec. 17).
The new offering will allow users to send money via the Pangea Money Transfer mobile app by just using the debit card numbers, rather than providing bank account details. According to the company, the solution is first-of-its-kind and provides a simpler way to make international money transfers in the U.S. and Mexico.
“At Pangea, we’re empowering a large group of people who have not benefited from other innovations in the financial world,” Rahier Rahman, Pangea founder and CEO, explained in a press release.
“We’ve created a payment platform that allows people in the U.S. to send money to Mexico without having to ask for or provide any bank account details, while maintaining bank-level security for transactions. We are transforming an industry that has previously relied on the antiquated agent model to deliver fast and low-cost financial services,” Rahman continued.
It's estimated that each year nearly 28 million people in the U.S. send more than $120 billion to their home countries. While traditional money transfer services can take up to 45 minutes and typically carry an 8 to 9 percent fee, Pangea said its product enables real-time transfers and can save senders up to 75 percent in fees.
The cost savings have the potential to equal up to $250 per person, based on the average industry sending amounts.
“Pangea fundamentally changes the international money transfer experience by using technology and relationships to provide unprecedented levels of ease, speed and security to users,” Jane Thompson, Pangea board member and former president of Walmart Financial Services, explained.
“The cross-border money transfer market has been largely underserved by technology, while filling a critical need for those who need to send money internationally. Pangea’s combination of strong leadership and differentiated technology uniquely positions it to take advantage of the sizable market opportunity, serving millions of customers better than competitors,” Thompson said.