Digital money transfer service MoneyGram (NASDAQ: MGI) announced on Monday it has teamed up with Visa to launch a new debit card service. MoneyGram reported that the money transfer option will allow customers in the U.S. to send money domestically through its mobile app or through its website to other U.S. recipient’s eligible debit cards.
While sharing more details about the service, Alex Holmes, MoneyGram chairman and CEO, stated:
“We strive to create the best possible experience for sending and receiving money, and this new product offering empowers our customers by giving them yet another way to send money to friends and family. And in partnering with Visa, the world’s leader in digital payments, we’re providing our customers with a dependable option that they know and trust.”
Bill Sheley, Senior Vice President, Global Head of Visa Direct, Visa, also commented:
“Visa and MoneyGram share a common goal of providing customers with a fast and reliable way to pay and be paid. By implementing Visa Direct, companies like MoneyGram are able to offer choice, flexibility and peace of mind to customers, knowing that each transaction is backed by the security, reach and capability of Visa’s global payments network.”
MoneyGram went on to add that pricing for the debit card deposit service starts at $1.99 and allows customers to transfer funds to a bank account linked to the eligible debit card at any time, including weekends and holidays. The service is only available in the U.S. so far.
