MoneyGram and PayMaya Ties Up for Real-Time Payments Using Visa Directby Fintech News Philippines October 16, 2020
MoneyGram, a provider of cross-border P2P payments and money transfers, announced a partnership with PayMaya Philippines to enable real-time payments with Visa Direct.
The new digital capability will allow customers to send money from the United States to the Philippines through Visa’s real-time push-payment solution called Visa Direct.
Consumers in the United States can use MoneyGram’s mobile app or website to send money that is said to be transferred almost instantly to any PayMaya Visa cardholder located in the Philippines.
“We are glad to offer yet another convenient way for PayMaya account holders across the country to quickly and conveniently receive funds from their loved ones in the United States through our partnership with MoneyGram and Visa. As cashless becomes the default for most, Filipinos can now experience safe and convenient ways to receive funds and transact even while at home through this service using their PayMaya app,”
said Shailesh Baidwan, President of PayMaya.
“In the Philippines today, majority of Visa debit and prepaid cards are enabled to receive real-time payments via Visa’s real-time push payment solution, Visa Direct.
According to BSP’s data, overseas Filipino workers made a total of US$11 billion for US-based remittances in 20192 and money transfers from U.S. contributed close to 40% of total remittances in the Philippines.”
said Dan Wolbert, Visa Country Manager for the Philippines and Guam.
This new service is touted to be a milestone for the remittance industry in the Philippines which is one of the largest markets globally.
Approximately two million Filipinos living and working in the United States will now be able to use MoneyGram to send money via Visa Direct using their 16-digit Visa physical or virtual card number.