The new service FastSend has been developed as part of its partnership with Visa and its Visa Direct product


Image: MoneyGram introduces new way to transfer funds. (Credit: Pixabay/William Iven)

MoneyGram, a US-based cross-border payments and money transfer services provider, has announced the launch of a new service FastSend for money transfers.

The new service allows its users to quickly and easily send money to a mobile phone number via the company’s site and mobile app.

As per MoneyGram, the service is supported by Visa Direct and is claimed to offer one of the fastest and seamless money transfer user experience. With the new services, customers can send and receive money with just a couple of clicks.

MoneyGram customers can use the new service by logging into the MoneyGram app or website and entering the receiver’s name and phone number and by selecting FastSend.

After choosing FastSend, the receiver will be notified about the funds being available for deposit, through a text message. The receiver can then log in add his or her debit card details and the funds will be transferred into their bank account within minutes.

MoneyGram chairman and CEO Alex Holmes said: “With the launch of the new FastSend service, sending money is now as easy as sending a text. FastSend builds on the success of our extremely popular mobile app and will further MoneyGram’s leading position in the evolution of digital P2P payments.”

FastSend simplifies money transfers with just a text message

FastSend, as the name suggests, offers users a faster way to send money by simply sending a text message, without the need for adding the receiver’s bank account information. The service is chargeable at $1.99 per transaction from debit cards and offers $10,000 limit per transaction.

MoneyGram chief operating officer and digital initiatives leader Kamila Chytil said: “Over the last few years, we’ve invested in our digital business to build a fintech start-up powered by our leading global brand. Our digital business is quickly becoming the leading cross-border P2P payment solution, and we’re excited to launch FastSend to further accelerate our digital growth.”

The company developed the FastSend service as part of its strategic partnership with Visa and the Visa Direct product. Presently, the new service is only available for users within the US and for those who send the money from the US to Spain. It will be launched in additional markets throughout the year.

Last December, MoneyGram had partnered with Visa’s real-time push payments platform, Visa Direct, to launch its debit card deposit service. The service is now available in Spain and the Philippines.

As per MoneyGam, Visa Direct facilitates payments to more than a billion cards across the globe and enables the customers to send money in real-time.