MoneyGram International, Inc. (NASDAQ: MGI), a global leader in cross-border P2P payments and money transfers, today announced the expansion of its Visa debit card deposit service across Europe.
The expansion has launched in collaboration with Checkout.com, a leading global payment solution provider, utilizing Visa Direct, Visa's real-time push payments platform. MoneyGram customers can now use the Company's website or leading mobile app to send money in near real-time to Visa debit card holders across 575 corridors from 25 countries in Europe.
"Our strategic partnerships have enabled MoneyGram to create the world's leading network, and this expansion is another milestone on our journey to lead the evolution of digital P2P payments," said Alex Holmes, MoneyGram Chairman and CEO. "Consumer demand for real-time payments direct to bank account and mobile wallets continues to surge. As a result, we're excited to integrate with a leading fintech, Checkout.com, and continue to expand our partnership with Visa Direct. We're already seeing significant customer adoption, and we expect it to help contribute to strong digital growth in the European market this year."
In 2019, MoneyGram was the first organization in the industry to enable cross-border transfers from the United States using Visa Direct. Since then, MoneyGram has continued to build on its established relationship with Visa and the multiple advantages the service brings for its customers, including speed, convenience, affordability and choice.
"We are excited to partner with MoneyGram to bring low-cost, real-time, transparent payouts to their consumers and help power their global digital P2P momentum," said Guillaume Pousaz, CEO & Founder at Checkout.com. "As Visa accelerates the availability of Visa Direct to merchants in Europe, Checkout.com is proud to power fintechs and merchants alike, helping to unlock the potential of the cross-border payments opportunity, through our cloud-based enterprise Connected Payments platform."
This new service is a huge milestone for the remittance industry in Europe which is one of the largest send markets.
"Now more than ever, consumers have a vital need to access fast, simple and secure ways to move money across borders to support their friends and family overseas," said Nicky Alexander, Head of Visa Direct, Europe. "We look forward to continuing our ongoing relationship with MoneyGram as we make this possible through real-time payments to more people around the world."