US-based money transfer company MoneyGram International has teamed up with UK-based payment solution provider Checkout.com to expand its real-time digital P2P payments service with Visa Direct.
Visa Direct is Visa’s real-time push payments platform.
By tapping Checkout.com, MoneyGram has expanded its Visa debit card deposit service across Europe.
Now, MoneyGram customers can transfer funds in real-time using the company’s website or mobile app to Visa debit cardholders across 575 corridors from 25 European countries.
Visa Europe head of Visa Direct Nicky Alexander said: “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.”
Earlier this month, Checkout.com closed a $450m Series C funding round at a post-money valuation of $15bn.
Checkout.com founder and CEO Guillaume Pousaz said: “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.
“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.”
Last year in October, MoneyGram extended its money transfer services partnership with retail giant Walmart for three years, through March 2024.
In 2019, MoneyGram rolled out its debit card deposit service in Spain and the Philippines as part of its global expansion strategy.
MoneyGram chairman and CEO Alex Holmes said: “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.
“We are excited to integrate with a leading fintech, Checkout.com, and continue to expand our partnership with Visa Direct.
“We are already seeing significant customer adoption, and we expect it to help contribute to strong digital growth in the European market this year.”