Visa and MoneyGram team up for cross-border payments
Visa and MoneyGram have partnered to digitise the process of sending and receiving money overseas.
Using Visa Direct, Visa’s real-time push payments platform, the agreement will enable cross-border remittances. Once live, MoneyGram’s service will enable its users to choose their preferred method of sending and receiving funds.
The agreement with MoneyGram is the first cross-border use case for Visa Direct transactions originating in the US.
The initial phase includes two “priority corridors” (US to Mexico and US to Philippines) and Visa and MoneyGram intend to later expand to additional (unnamed) markets.
“Visa Direct and MoneyGram share a common goal of helping consumers move money around the world with confidence, transparency and security,” says Cecilia Frew, senior vice-president and head of North America Push Payments, Visa.
Visa is a friendly old soul and is keen on partnerships.
As reported yesterday (24 July), it partnered with mada, Saudi Arabia’s national payment scheme, to bring consumers mada Pay, a multi-issuer mobile NFC payment solution.
On a less happier note, last month, Visa disclosed that its pan-European outage affected 5.2 million card transactions, almost half of which were in the UK.
