MoneyGram, known for its transfers via mobile app, has a new program called FastSend that will enable it to engage in cross-border peer-to-peer (P2P) transfers directly to a recipient's phone number. The company aims to keep up efficiency and speed with the new service, advertised as using "just a few clicks" to make sending money "as easy as sending a text," according to MoneyGram Chairman and CEO Alex Holmes in a press release.
The process of using FastSend involves the customer logging into the MoneyGram website, entering the name and phone number of the desired recipient, then clicking the FastSend button. From there, the recipient receives a text notifying them that they have money available for deposit.
The recipient can log in as well, and add their debit card. The P2P funds are transferred to said card, reportedly within minutes, the press release said.
The idea, as the name implies, is that the simple sending of a text message is all one needs to send or receive money via the P2P service. FastSend will only cost $1.99 to use, and will have a limit of $10,000 per transaction.
Kamila Chytil, MoneyGram COO and leader of its digital initiatives, said the move is part of MoneyGram's attempts to break into more of the digital field, and utilize startup technology. The service is made possible by a partnership with Visa and its Visa Direct product, according to the press release.
As of late, MoneyGram has been engaging in team-ups globally to expand its reach. It partnered with LuLu Money to reach people in the Asia-Pacific region, and with Ebixcash to help Indian residents utilize its services. The company has also worked with Industrialbank to make sure people in Ukraine can send money via mobile devices.
MoneyGram had a good holiday season, too, with a surge in growth.