DALLAS, Oct. 15, 2020 /PRNewswire/ -- 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."
"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.
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.
About MoneyGram International, Inc.
MoneyGram
(NASDAQ: MGI) is a global leader in cross-border P2P payments and
money transfers. Its consumer-centric capabilities enable family
and friends to quickly and affordably send money in more than 200
countries and territories, with more than 80 countries now
digitally enabled.
MoneyGram leverages its modern, mobile, and API-driven platform
and collaborates with the world's leading brands to serve millions
of people each year through both its walk-in business and its
direct-to-consumer digital business.
With a strong culture of innovation and a relentless focus on
utilizing technology to deliver the world's best customer
experience, MoneyGram is leading the evolution of digital P2P
payments.
For more information, please visit www.MoneyGram.com and follow
@MoneyGram.
About PayMaya Philippines
PayMaya is the only
end-to-end digital payments ecosystem enabler in the Philippines with platforms and services
that cut across consumers, merchants, and government. Aside from
providing payments acceptance for the largest e-Commerce, food,
retail and gas merchants in the
Philippines, PayMaya enables national and social services
agencies as well as local government units with digital payments
and disbursement services.
Through its app and wallet, PayMaya provides millions of
Filipinos with the fastest way to own a financial account with over
40,000 Add Money touchpoints nationwide, more than double the total
number of traditional bank branches in the Philippines combined. Its Smart Padala by
PayMaya network of over 30,000 partner touchpoints nationwide
serves as last mile digital financial hubs in communities,
providing the unbanked and underserved with access to services.
To know more about PayMaya's products and services,
visit www.PayMaya.com or follow @PayMayaOfficial on
Facebook, Twitter, and Instagram.
About Visa
Visa Inc. is the world's leader in digital
payments. Our mission is to connect the world through the most
innovative, reliable and secure payment network - enabling
individuals, businesses and economies to thrive. Our advanced
global processing network, VisaNet, provides secure and reliable
payments around the world, and is capable of handling more than
65,000 transaction messages a second. The company's relentless
focus on innovation is a catalyst for the rapid growth of connected
commerce on any device, and a driving force behind the dream of a
cashless future for everyone, everywhere. As the world moves from
analog to digital, Visa is applying our brand, products, people,
network and scale to reshape the future of commerce. For more
information, visit www.visa.com.ph
MoneyGram Media Contact:
Stephen Reiff
media@moneygram.com
PayMaya Media Contact:
Nick
Wilwayco
nick.wilwayco@paymaya.com
Visa Media Contact:
Grace Tan
grtan@visa.com
1 Actual fund availability depends on receiving
financial institution and region. Visa requires fast-funds enabled
issuers to make funds available to their recipient cardholders
within a maximum of 30 minutes of approving the transaction.
2 2019 data based on BSP & POEA
3 2019 data based on BSP & POEA
4 2017 data based on BSP & POEA
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SOURCE MoneyGram