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MoneyGram and PayMaya Introduce Real-Time Payment Solution for Fund Transfer from United States to the Philippines using Visa Direct

By ET Bureau - October 16, 2020 3 Mins Read

MoneyGram and PayMaya Introduce Real Time Payment Solution for Fund Transfer from United States to the Philippines using Visa Direct

MoneyGram International, Inc., a global leader in cross-border P2P payments and money transfers, today announced a partnership with PayMaya Philippines to launch a new digital capability that allows customers to send money from the United States to the Philippines through Visa Direct, Visa’s real-time push-payment solution1. Consumers in the United States can use the leading MoneyGram mobile app or website to send money that arrives almost instantly to any PayMaya Visa cardholder located in the Philippines.

“Our digital business is delivering phenomenal growth driven by strong demand for our customer-centric capabilities as well as our leading global network that enables consumers to quickly and conveniently receive money directly into their bank accounts,” said Kamila Chytil, MoneyGram Chief Operating Officer and leader of the Company’s digital business. “Our strong partnership with Visa Direct has been an important part of our strategy to accelerate digital growth over the last few years, and I’m excited about how this latest integration with PayMaya will further improve the customer experience and drive digital growth.”

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“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. We are extremely pleased to work with PayMaya and MoneyGram to enable Visa cardholders in the Philippines the ability to receive funds seamlessly and securely from their family and loved ones in United States. 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.3 In this digital age, we believe it is important to introduce solutions that can benefit our cardholders’ lives, including making cross-border remittances hassle-free and efficient,” said Dan Wolbert, Visa Country Manager for the Philippines & Guam.

This new service is a huge milestone for the remittance industry in the Philippines which is one of the largest markets globally. The approximately two million Filipinos living and working in the United States4 will now be able to use MoneyGram to send money seamlessly and conveniently via Visa Direct either on MoneyGram’s website or mobile app, to any PayMaya account holder in the Philippines using their 16-digit Visa physical or virtual card number.

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Once they have received the funds in their PayMaya accounts, they can easily use the funds to shop online or in-store using the same Visa card, or buy load, pay their bills, settle their government dues, and send money to other PayMaya users or Smart Padala centers nationwide, all within the PayMaya app.

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ET Bureau

The platform covers e entire enterprise technology space- including emerging technologies like RPA, AI, cloud, automation, and the entire gamut of digital transformation tools, strategies and management decisions.

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