MoneyGram Announces New Debit Card Deposit Service in Partnership with Visa
MoneyGram and Visa Direct have formed a strategic partnership to roll out a new debit card deposit service, the companies announced in a Sept. 9 in a press release.
The person-to-person (P2P) money transfer option offers U.S. consumers a way to send money domestically through MoneyGram to a recipient’s eligible debit card.
“We strive to create the best possible experience for sending and receiving money, and this new product offering empowers our customers by giving them yet another way to send money to friends and family,”
said MoneyGram Chairman and CEO Alex Holmes.
“And in partnering with Visa, the world’s leader in digital payments, we’re providing our customers with a dependable option that they know and trust.”
Fees for the new P2P debit card deposit service start at $1.99. Currently available in the U.S. only, plans are also set for the service to expand soon to other markets outside the U.S.
“Visa and MoneyGram share a common goal of providing customers with a fast and reliable way to pay and be paid,”
added Bill Sheley, senior vice president, global head of Visa Direct, Visa.
“By implementing Visa Direct, companies like MoneyGram are able to offer choice, flexibility and peace of mind to customers, knowing that each transaction is backed by the security, reach and capability of Visa’s global payments network.”
MoneyGram in June announced a partnership with Canada Post to offer a digital money transfer service that allows users to complete transactions at select Canada Post locations all over the country.
“To initiate a transaction, consumers simply visit moneygram.ca, create a profile, start a transaction and choose the ‘Cash at a Location’ option,”
the release said.
“From there, users visit one of Canada Post’s more than 5,200 locations that offer MoneyGram services to complete their transaction. For added convenience and security, consumers can use the provided barcode, which contains their transaction details.”
MoneyGram Chief Revenue Officer Grant Lines said MoneyGram is always trying to make it easier for people to use the service. Well, we hear that from all companies. Therefore, Visa decided to take that step rather late, taking into consideration their capabilities. Is this caused by growing competition among FinTech companies? Recently, for example Curve, crowdfunded on CrowdCube to move forward with their Card to Card remittances, not mention players like Revolut, Monzo, Monese, N26, TransferGo, TransferWise... - who are making remittances seamless.
Nevertheless, this is great to see some competitiveness among big and smaller players, on that interesting sector.