US-based money transfer service MoneyGram has introduced a new debit card deposit service in collaboration with Visa.

The service will leverage Visa’s real-time push payments platform Visa Direct to enable domestic direct money transfers to debit cardholders in the US.

MoneyGram customers can send the money by using its app or website.

The service starts at $1.99 and is available 24/7.

MoneyGram chairman and CEO 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.”

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Visa senior vice-president, global head of Visa Direct Bill Sheley added: “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.”

The service is currently available in the US, with plans on for a broader roll-out soon.

The launch follows the partnership between the two companies last year to streamline overseas money transfer service.