The debit card deposit service facilitates customers to transfer funds to a bank account linked to the eligible debit card at any time, including weekends and holidays
US-based money transfer services provider MoneyGram has launched a new debit card deposit service in collaboration with Visa, through its Visa Direct, a real-time push payments platform.
According to MoneyGram, the person-to-person (P2P) money transfer option provides its US customers with convenience in sending money through its app or website to other domestic recipients with eligible debit card.
The MoneyGram platform is set to leverage its digital and physical network, global financial settlement engine, cloud-based infrastructure with integrated APIs, and its compliance programme.
MoneyGram chairman and CEO Alex Holmes said: “We strive to create the best possible experience for sending and receiving money, and this new product offering empowers our customers by giving them yet another way to send money to friends and family.
“And in partnering with Visa, the world’s leader in digital payments, we’re providing our customers with a dependable option that they know and trust.”
The debit card deposit service, which is available at a starting price of $1.99 (£1.62), allows customers to transfer funds to a bank account linked to the eligible debit card at any time, including weekends and holidays.
The debit card deposit service is set to be expanded to the other markets outside the US
MoneyGram is currently offering the service only in the US and is planning to expand the service to the other markets outside the US soon.
Visa senior vice president and Visa Direct global head Bill Sheley said: “Visa and MoneyGram share a common goal of providing customers with a fast and reliable way to pay and be paid.
“By implementing Visa Direct, companies like MoneyGram are able to offer choice, flexibility and peace of mind to customers, knowing that each transaction is backed by the security, reach and capability of Visa’s global payments network.”
MoneyGram is engaged in offering multichannel money transfer and payment services, to enable safe, affordable, and convenient money transfer for daily needs, in more than 200 countries across the world.