Global payments and money transfers service provider MoneyGram International on Thursday announced its partnership with mobile wallet PayMaya to launch a new digital solution that allows customers to send money from the US to the Philippines in real-time.
In a statement, MoneyGram said its partnership with PayMaya will enable real-time money transfers between the two countries using Visa’s push-payment solution, Visa Direct.
With this, consumers in the US can use the 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 head 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,” Chytil said.
For his part, PayMaya president Shailesh Baidwan said the mobile wallet can offer another convenient way for its account holders to quickly and conveniently receive funds from their loved ones in the US through its 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," Baidwan said.
Citing data from the Bangko Sentral ng Pilipinas’ (BSP) data, Visa country manager for the Philippines and Guam Dan Wolbert said overseas Filipino workers made a total of $11 billion for US-based remittances in 2019 and money transfers from the US contributed close to 40% of total remittances in the Philippines.
“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,” Wolbert said.
Source: gmanetwork.com