PRNewswire reports that the peer-to-peer money transfer giants Moneygram, who entered in a partnership with Ripple in 2019 and received 2/3rd portions of investments from it, has now enabled a new peer-to-peer service called MoneyGram FastSend for cross-border remittance.
How does MoneyGram’s FastSend works?
MoneyGram’s customers can now perform fast and secure transactions by just transferring the amount directly at the recipient’s phone number. All that the customer needs to do is access MoneyGram website or download their mobile app. Visa Direct is the basis of the FastSend service.
The new service allows the customer to send money just with a couple of clicks, making it the quickest way to transfer money and the most seamless in the industry.
Alex Holmes, MoneyGram’s CEO, says: “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.”
A sender now just needs to put in two details, the recipient’s name and number, after that the money would be transferred quickly into the bank account. In order to transfer funds, all it would take from the sender is a text message to the recipient. Cost of transactions made via debit card would be a little less than $2. For now, the users in the US can send funds to Spain. In the near future, MoneyGram is planning to add more places.
FastSend launching is just a continuation of MoneyGram’s strategic tie-up with Visa and Kamila Chytil, Chief Operating Officer and leader of the digital initiatives of the company said:
“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.”