MoneyGram International has introduced a new service that will enable consumers to send funds directly to a phone number.
The service, called MoneyGram FastSend, leverages Visa Direct to streamline fund transfers.
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MoneyGram chairman and CEO Alex Holmes said: “With the launch of the new FastSend service, sending money is now as easy as sending a text.
“FastSend builds on the success of our extremely popular mobile app and will further MoneyGram’s leading position in the evolution of digital P2P payments.”
The new service is available through the MoneyGram app or website. Customers can enter the receiver’s name and phone number, and then select FastSend.
The recipient is alerted through a text notification, following which, they can log in and add debit card details. Subsequently, the funds are transferred into the recipient’s bank account.
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By GlobalDataThrough this service, MoneyGram users can transfer up to $10,000 in a single transaction. Transfers made from debit cards costs $1.99 per transaction.
MoneyGram COO Kamila Chytil said: “Over the last few years, we’ve invested in our digital business to build a fintech start-up powered by our leading global brand.
“Our digital business is quickly becoming the leading cross-border P2P payment solution, and we’re excited to launch FastSend to further accelerate our digital growth.”
Currently, MoneyGram FastSend is available in the US and for transfers from the US to Spain. The company plans to roll out the service to additional markets throughout the year.
Recently, MoneyGram International launched its website in Singapore as part of its digital expansion.
