Global payments firm MoneyGram is advancing its Visa debit card deposit service across Europe in a partnership with Checkout.com and continued collaboration with Visa’s real-time push payments platform Visa Direct.
“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,” Alex Holmes, MoneyGram chairman and CEO, said in a press release on Friday (Jan. 22). “Consumer demand for real-time payments direct to bank accounts and mobile wallets continues to surge.”
He added that teaming up with Checkout.com and growing its collaboration with Visa Direct is already resulting in “significant customer adoption,” which MoneyGram expects will help facilitate “strong digital growth in the European market this year.”
MoneyGram customers can send money in near-real-time to Visa debit cardholders across 575 corridors from 25 countries in Europe. In 2019, MoneyGram was the first company in the industry to enable cross-border transfers from the U.S. using Visa Direct.
Guillaume Pousaz, Checkout.com founder and CEO, said the London-headquartered startup will facilitate MoneyGram’s “global digital P2P momentum,” enabling real-time, transparent payouts.
“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,” Pousaz added.
MoneyGram’s cross-border P2P and money transfer capabilities give people the ability to send money to more than 200 countries and territories.
“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.”
MoneyGram is in favor of a proposal by U.S. regulators to tighten the financial reporting requirements of banks and other financial services providers. The company has invested some $100 million since 2012 to enhance its own compliance programs following allegations of consumer fraud.