MoneyGram International has launched its first cash-to-Visa card program enabling consumers to transfer money from MoneyGram locations in the US directly to the Visa accounts of recipients outside of the US.
The cash-to-Visa card program will enable funds to be received on Visa-branded credit and debit cards issued by Banco Industrial, a Visa bank and MoneyGram agent in Guatemala.
The MoneyGram cash-to-card service will be available at most US MoneyGram locations, including the 20 top agents for remittances to Guatemala. The cash-to-card money transfers are processed through Visa’s network and funds are transferred directly to eligible Visa debit and credit accounts via Banco Industrial.
Once funds are sent to the card, recipients can access the money 24-hours-a-day, anywhere Visa is accepted.
Pamela Patsley, chairman and CEO of MoneyGram International, said: “Our relationship with Visa and the ability to leverage its extensive global network will provide MoneyGram with access to Visa cardholders around the world and reach critical territories where there is incredible opportunity to bring this value-added service to new consumers. We expect to work with Visa to expand the cash-to-Visa card service to several additional countries by the end of the year.”
Jim McCarthy, global head of product at Visa, said: “Visa money transfer services simplify the way people send and receive money both domestically and across borders. Today’s launch with MoneyGram marks the latest momentum for Visa’s money transfer service, enabling US consumers to transfer funds through Visa’s secure, reliable global payment network.”