Using the MoneyGram’s website or mobile app, customers can now transfer money to Visa debit card holders across 575 corridors from 25 European countries in near real-time
MoneyGram expands real-time digital P2P Payments with Visa Direct. (Credit: Free stock photos from www.rupixen.com from Pixabay)
MoneyGram International has partnered with Checkout.com, a provider of payment solutions, to expand real-time digital P2P payments using Visa’s payments platform, Visa Direct.
Using the MoneyGram’s website or mobile app, customers can now transfer money to Visa debit card holders across 575 corridors from 25 European countries in near real-time.
MoneyGram chairman and CEO Alex Holmes said: “Our strategic partnerships have enabled MoneyGram to create the world’s leading network, and this expansion is another milestone on our journey to lead the evolution of digital P2P payments.
“Consumer demand for real-time payments direct to bank account and mobile wallets continues to surge.
“As a result, we’re excited to integrate with a leading fintech, Checkout.com, and continue to expand our partnership with Visa Direct.
“We’re already seeing significant customer adoption, and we expect it to help contribute to strong digital growth in the European market this year.”
In 2019, MoneyGram become the first company in the industry to allow cross-border payments from the US using Visa Direct.
Checkout.com CEO and founder Guillaume Pousaz said: “We are excited to partner with MoneyGram to bring low-cost, real-time, transparent payouts to their consumers and help power their global digital P2P momentum.
“As Visa accelerates the availability of Visa Direct to merchants in Europe, Checkout.com is proud to power fintechs and merchants alike, helping to unlock the potential of the cross-border payments opportunity, through our cloud-based enterprise Connected Payments platform.”
According to MoneyGram, the new service marks a huge milestone for the remittance industry in Europe, which is one of the largest send markets.
Visa Direct Europe head Nicky Alexander said: “Now more than ever, consumers have a vital need to access fast, simple and secure ways to move money across borders to support their friends and family overseas.
“We look forward to continuing our ongoing relationship with MoneyGram as we make this possible through real-time payments to more people around the world.”