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MoneyGram Extends Visa Direct Service To Spain, Philippines

MoneyGram’s Visa Direct Service Expands

MoneyGram, in partnership with Visa, has expanded its debit card deposit service, which was launched in collaboration with Visa Direct, Visa’s real-time push payments platform, according to a release.

The service now includes Spain and the Philippines. MoneyGram is also now the first company to allow cross-border transfers from the U.S. using Visa Direct. There are plans to launch in more countries in the near future.

"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."

Visa Direct enables more than one billion cards around the world, and allows consumers to move money in real time. People who want to send money can either use the MoneyGram app or the website.

"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. "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 expansion follows a successful launch of Visa Direct in the U.S., where many customers are brand-new to MoneyGram. The company said retention rates are beating expectations.

MoneyGram also recently announced that it will continue its worldwide digital expansion with greater options for its overseas customers, especially in the Asia Pacific and New Zealand.

The MoneyGram website and MoneyGram Plus Rewards program is now available to the company’s Hong Kong customers, and users in New Zealand can now use the MoneyGram app to send money to friends and family.

“Our company is the middle of a transformation where we’re focused on accelerating digital growth,” said CEO Holmes. “With the expansion of our digital services to additional markets, we’re excited about reaching millions of new consumers with the simple and seamless experience of our online platforms.”

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NEW PYMNTS STUDY: ACCELERATING THE REAL-TIME PAYMENTS DEMAND CURVE – NOVEMBER 2020

About: Accelerating The Real-Time Payments Demand Curve:What Banks Need To Know About What Consumers Want And Need, PYMNTS  examines consumers’ understanding of real-time payments and the methods they use for different types of payments. The report explores consumers’ interest in real-time payments and their willingness to switch to financial institutions that offer such capabilities.

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