Ripple Partner MoneyGram Expands its Cross Border Service with Visa to Spain and the Philippines
- MoneyGram is extending its debit card deposit service internationally in collaboration with Visa via Visa Direct
- The service allows MoneyGram customers to send money in real-time
- This adds 50% new users to MoneyGram and retention rates that are “outperforming expectations”
The global provider of money transfer services MoneyGram is now extending its debit card deposit service internationally to Spain and the Philippines, the company announced on Dec. 4. The company launched this service in collaboration with Visa through its real-time push payments platforms Visa Direct.
MoneyGram is the first company to allow cross-border transfers from the US using Visa Direct and will be offering the service in more areas of the world very soon.
“Cross-border digital growth is a key strategic priority, and we will continue to lead the industry with innovative products and services,” said Alex Holmes, MoneyGram Chairman, and CEO.
Rapid Expansion to new Markets Worldwide
Visa Direct that enables payments to more than a billion cards worldwide allows its customers to send money in real-time. MoneyGram users can either go the actual website or use the App to send to eligible Visa-branded debit cards.
“The initial launch phase with MoneyGram has been a success. Based on customer feedback to date and seamless integration of Visa Direct into MoneyGram's digital network, we look forward to continuing the rapid expansion of this service to new markets worldwide,” said Bill Sheley, SVP and Global Head of Visa Direct, Visa.
This expansion was launched soon after the Visa Direct’s successful launch in the United States where about half of the customers were new to the platform. Also, early signs show they were able to retain their customers rates and are “outperforming expectations.”
Ripple & MoneyGram
MoneyGram is also opening new corridors for Ripple’s XRP using On-Demand Liquidity (ODL) before 2019 ends.
In June this year, Ripple became a key partner of MoneyGram for cross border settlements using the digital asset by making an initial investment of $30 million in the company. Most recently, Ripple made yet another $20 million investment in MoneyGram —purchasing the firm's newly issued equity at $4.10 per share which was much higher than its market valuation — completing its $50 million investment commitment to MoneyGram.