Ripple partner MoneyGram collaborates with Visa Direct
MoneyGram, an American money transfer company and Ripple partner, has been expanding its services across the world. In a new announcement, the global provider of innovative money transfer services has announced the expansion of its debit card deposit service internationally. The company launched this service in collaboration with Visa through its real-time push payments platform, Visa Direct.
Visa, being a real-time payment service, would allow MoneyGram debit cardholders in Spain and the Philippines to settle transactions in real-time. This move from MoneyGram will make it the first company in the industry to enable cross-border transfers from the U.S. using Visa Direct. Alex Holmes, CEO and Chairman of MoneyGram, said,
“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. Cross-border digital growth is a key strategic priority, and we will continue to lead the industry with innovative products and services.”
Visa Direct provides a similar service to over a billion cards worldwide. With MoneyGram expanding its services to the customers too, users can use the app or website to send funds to other recipients’ eligible Visa-branded debit cards. Bill Sheley, SVP and Global Head of Visa Direct, said,
“We are committed to supporting the best possible cross-border money transfer experience for consumers and businesses around the world. 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.”
The company is also planning to expand this service to other countries in the coming months. However, MoneyGram has been a Ripple partner for a while now and the latter controls a 15% stake in MoneyGram, after pinning down a $50 million investment. Ripple’s ODL service has been a success in Mexico and has been gaining momentum in the Philippines, and the company is expected to open new corridors in the coming months.
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Namrata Shukla, Khareem Sudlow