Pangea, an international money transfer platform, has launched a new debit-to-debit transfer product that allows users send money via a mobile app using only debit card numbers, not bank account details.
The new service will initially be available for US to Mexico transfers.
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Consumers can now download the app (Pangea Money Transfer) and complete a transfer in less than 60 seconds for a fixed fee of $3.95, the company said in a statement.
The product will enable transfer of funds to Mexico in real time using the 16-digit primary account number (PAN) on a debit card.
Pangea said its money transmitter license in Mexico and connectivity to the Central Bank payment system enable the company to provide faster, more secure and cheaper transfers.
The new offering will allow users to send real-time transfers on-the-go through their mobile devices and save up to 75% in fees, which translates to an annual savings of almost $250 per user.
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By GlobalDataPangea founder and CEO Rahier Rahman said: "We’ve created a payment platform that allows people in the U.S. to send money to Mexico without having to ask for or provide any bank account details while maintaining bank-level security for transactions."
