Visa, MoneyGram collaborate on P2P payments
MoneyGram has partnered with Visa to leverage debit push payments for P2P transfers in the U.S., with plans to eventually expand the service internationally.
The pact enables MoneyGram customers to send funds to a U.S. bank account linked to an eligible debit card at any hour for $1.99 via Visa Direct, according to a Monday press release.
The move follows a similar deal Visa signed this year with Western Union, as Visa positions itself to compete with startups and others in the sector for cross-border payments between parties with bank accounts. Visa in May completed its acquisition of Earthport, a London-based cross-border payments company.
MoneyGram customers may initiate P2P transfers via MoneyGram’s app or website, the press release 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,” said Alex Holmes, MoneyGram’s chairman and CEO, in the release.