Digital money transfer service MoneyGram (NASDAQ: MGI) announced on Wednesday the launch of its new service, MoneyGram FastSend, which allows consumers to send money to a mobile phone number through the MoneyGram website and mobile app.
According to MoneyGram, MoneyGram FastSend is supported by the Visa Direct rails and was developed as a continuation of its strategic partnership with Visa and the Visa Direct product. To use FastSend, customers simply log in to the MoneyGram app or website, enter the receiver’s name and phone number, and select FastSend. A text is then sent to the receiver notifying them that they have funds immediately available for a deposit. The receiver logs in, add their debit card, and the funds are transferred into their bank account within minutes. Speaking about the service, Alex Holmes, MoneyGram Chairman and CEO, stated:
“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.”
Kamila Chytil, MoneyGram COO, then commented
“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.”
MoneyGram added FastSend is currently available for sends within the U.S. and for sends from the U.S. to Spain. Additional markets are scheduled to go live throughout the year.