US-based cross-border P2P payments and money transfers provider MoneyGram International has partnered with Visa to launch a real-time peer-to-peer (P2P) payment solution to Vietnam.
MoneyGram and Visa tapped Sacombank and other banks in the country to allow customers in the US, the UK and 18 European countries to transfer money to Vietnam.
Consumers can transfer the funds to any Visa cardholder in Vietnam using Visa’s real-time push payments platform, Visa Direct, through the MoneyGram mobile app or website.
Through the latest integration, MoneyGram is now available to millions of Vietnamese living and working abroad and help them send money to their loved ones at home.
By using Visa Direct, they can transfer up to $2,500 per transaction, four times per day. They can do this for free until 30 June 2021.
Sacombank deputy general manager Nguyen Tam said: “We are excited to once again be at the forefront of innovation with Visa Direct making cross-border remittances hassle-free and efficient to any Sacombank account holder in Vietnam using their Visa card on Sacombank Pay application.”
Visa Vietnam and Laos country manager Madame Dung said: “Our digital solution will enable MoneyGram consumers to quickly and conveniently receive money directly into their bank accounts via Visa Direct.
“This partnership with MoneyGram will support Vietnam’s economic growth and streamline the remittance transferring process, which is vital to our customers’ digital experience and helps introduce our innovations to consumers.”
MoneyGram global chief revenue officer Grant Lines added: “We have built a modern, mobile, and API-driven company that has enabled MoneyGram to become the preferred partner for cross-border transfers, and we are excited to continue to expand our real-time transfer capabilities with Visa Direct.”
Last week, MoneyGram teamed up with UK-based payment solution provider Checkout.com to expand its real-time digital P2P payments service with Visa Direct.