MoneyGram announces extension of Visa Direct service


Daniel Webber
Daniel Webber
Founder & CEO
Daniel is Founder and CEO of FXcompared and FXC Intelligence and has 18 years of experience in the international finance world focusing on cross-border payments, technology and the property sectors.… Read more
  • Partnership will now extend to Spain and the Philippines
  • Plans to expand further are now underfoot
  • "This is an exciting time for us as our business transformation continues to move at a rapid pace”, said MoneyGram boss

Online money transfer firm MoneyGram has announced that it will be extending its Visa debit card deposit services.

The Visa Direct service, which MoneyGram previously launched, is an instantaneous, one-push payment service.

It is targeted at US consumers, and the development of the partnership means that now MoneyGram is an industry leader when it comes to Visa Direct cross border payments originating there.

It will now offer this service in a range of new countries, including the Philippines and Spain.

There are believed to be plans afoot to expand to further countries in the year to come.

The service has a distinctly technological bent, and cash can be sent in real time via either the MoneyGram website or its app.

Provided the intended recipient has a suitable Visa-branded card, they can receive the cash.

Overall, Visa Direct allows payments to more than one billion cards across the globe.

According to recent data, around half of the Visa Direct users in the US are fresh to MoneyGram altogether.

In a statement, Alex Holmes – who is MoneyGram’s chair and CEO – said that change within the firm was happening “at a rapid pace”.

"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", he said.

"Cross-border digital growth is a key strategic priority, and we will continue to lead the industry with innovative products and services."

For Visa Direct, Bill Sheley – who is its SVP and global head  – said that the launch phase thus far had “been a success”.

"We are committed to supporting the best possible cross-border money transfer experience for consumers and businesses around the world”, he said.

"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.”

MoneyGram is a big name on the remittances scene, so it won’t come as a shock to most readers that their partnerships alongside prestigious brands such as Visa are expanding.

It’s also no surprise to see the Philippines, which is one of the world’s leading remittance destinations, as one of the new destinations for the Visa Direct programme.

Perhaps one of the main areas of focus now will be where MoneyGram decides to go next – and whether or not it will stick to other safe, well-established remittance destinations.

To discover more about what firms such as MoneyGram are up to in their many partnerships programmes, please check out our magazine pages.

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