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December 5, 2019

MoneyGram launches debit card deposit service in Spain and Philippines

Money transfer firm MoneyGram has rolled out its debit card deposit service in Spain and Philippines as part of its global expansion strategy.

The debit card deposit service enables customers to send funds to a bank account linked to the eligible debit card round the clock, including weekends and holidays.

Using Visa’s real-time push payments platform Visa Direct, MoneyGram first launched the debit card deposit services in the US in September this year.

MoneyGram said that it has become the first company to facilitate cross-border transfers from the US via Visa Direct. Plans are on to roll out the service in more countries in the future.

MoneyGram chairman and CEO Alex Holmes 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.”

Money sent through Visa Direct is transferred to customers’ account in real-time. Using the MoneyGram website or app, its customers can transfer money to other recipients’ eligible Visa debit cards.

Visa senior vice president and global head of Visa Direct Bill Sheley 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.”

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