MoneyGram Now Offers Money Transfers to Visa Debit Cards
This option is available on the MoneyGram app and the MoneyGram website. It costs $1.99 per transaction, and the funds typically arrive “within minutes.” Money transfers can be processed at any time of the day, including evenings, weekends and holidays.
MoneyGram is working in collaboration with Visa Direct, a push payment platform that works with “over a billion cards worldwide.” Visa Direct is used for funds disbursement (tax refunds, loan distributions, etc.), as well as peer-to-peer transfers and bill payments.
Push payments refer to money transfers where the sender is in control. The sender initiates a transfer to go to another person’s bank account, debit card, etc. If the recipient is requesting the money, the transfer is a ‘pull payment.’ A good example of this is when a utility company ‘pulls’ funds from a bank account for automatic bill pay.
MoneyGram’s Debit Card Deposit program is only available in the United States at this time, but it is projected to expand to other markets in the future. Visa Direct and MoneyGram both offer cross border payments, so there is strong potential for international growth.