- Strategic partnership will streamline international money transfers for millions of customers
- Users will have more freedom to choose preferred payment method for sending and receiving funds
- Deal is first to allow Visa Direct customers in US to initiate cross-border payments
Visa and MoneyGram are partnering to provide customers a faster, more convenient digital payment option for cross-border payments. Visa Direct, the real-time payments service, will now enable remittances with MoneyGram’s platform, giving users the option to receive and send money abroad in their preferred payment method.
Visa Direct gives business and individual users access to the payment giant’s domestic and international reach and scalability. By partnering with MoneyGram, Visa Direct can, for the first time, offer users in the United States a way to initiate international money transfers.
The deal’s initial offering will serve two remittance flows: from the US to Mexico and from the US to the Philippines. Both companies hope to eventually expand into additional markets where MoneyGram maintains a strong presence.
Leveraging the power of MoneyGram’s international reach, Visa is in a position to improve money transfer services for customers all over the world.
“Visa Direct and MoneyGram share a common goal of helping consumers move money around the world with confidence, transparency and security,” said Cecilia Frew, Visa’s Senior Vice President and Head of North America Push Payments. “By pairing Visa Direct’s push payments technology with MoneyGram’s expansive network, we are giving consumers a more convenient payment choice when sending money to their loved ones around the world.”
With service to more than 200 countries worldwide, MoneyGram’s remittance services make it easy for account holders to send and receive funds online, via mobile app or at one of thousands of physical agent locations across the globe. Partnering with Visa gives MoneyGram users an added level of security and scale when making cross-border payments.
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