PaymentsMoneyGram Launches Industry’s First Real-Time P2P Payment Solution

PRNewswire PRNewswireFebruary 3, 20215 min

MoneyGram International, Inc., a global leader in cross-border P2P payments and money transfers, and Visa, the world’s leader in digital payments, today launched a real-time peer-to-peer (P2P) payment solution to Vietnam. This latest integration in the partnership between MoneyGram, Visa, Sacombank and other leading banks across the country enables customers to transfer money from the United StatesUnited Kingdom and 18 European countries1 to Vietnam quickly and securely through Visa Direct.2 Consumers can transfer money digitally through the MoneyGram mobile app or website to arrive almost instantly to any Visa cardholder located in Vietnam.

“We’ve already hit the ground running in 2021, and this latest integration with Visa Direct further improves our leading customer experience and will help execute our strategy to scale digital growth in one of the largest remittance markets in the world,” said Grant Lines, Global Chief Revenue Officer at MoneyGram. “We’ve built a modern, mobile, and API-driven company that has enabled MoneyGram to become the preferred partner for cross-border transfers, and we’re excited to continue to expand our real-time transfer capabilities with Visa Direct.”

“Our digital solution will enable MoneyGram consumers to quickly and conveniently receive money directly into their bank accounts via Visa Direct,” said Madame Dang Tuyet Dung, Country Manager at Visa Vietnam and Laos. “Cardholders can use any Visa debit or prepaid card to receive cross-border payments via Visa’s real-time push payment solution. This partnership with MoneyGram will support Vietnam’s economic growth and streamline the remittance transferring process, which is vital to our customers’ digital experience and helps introduce our innovations to consumers.”

Vietnam is estimated to be one of the top-10 remittance recipients in the world. The millions of Vietnamese living and working abroad will now be able to use MoneyGram to send money seamlessly and conveniently to family and friends back at home.

“In this digital age, we believe it is important to introduce solutions that can improve our cardholders’ lives,” said Nguyen Minh Tam, Deputy General Manager at Sacombank. “We’re excited to once again be at the forefront of innovation with Visa Direct making cross-border remittances hassle-free and efficient to any Sacombank account holder in Vietnam using their Visa card on Sacombank Pay application.”

With Visa Direct, customers can now transfer up to 2,500 USD per transaction and 10,000 USD per day. From now until June 30, 2021, consumers can send money to a Visa debit card in Vietnam without incurring a transfer fee.

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