Payment processing giants, MoneyGram and Visa have teamed up to launch the first real time, peer-to-peer solution for making money transfers to Asia. The payment corridor will connect Vietnam with parts of the United States, the United Kingdom and the European Union.
Cross-border P2P Payment Solution
Mastercard and Visa made this development known in a press release issued on February 2, 2021. The cross-border p2p payment solution will enable transfers to Vietnam from the USA, Great Britain and 18 European countries.
To initiate this payment solution, MoneyGram and Visa have partnered with Sacombank and several other major banks in Vietnam to seamlessly accept funds connected to their customers through Visa Direct.
Customers can use the MoneyGram mobile application or the company’s website to send their money to anyone with a Vietnam Visa card. This is not the first time MoneyGram has worked with Visa. Previously, MoneyGram opened a payment corridor from the US and launched a new FastSend payment service supported by Visa Direct.
Vietnam is one of the ten largest remittance recipients in the world
Well-known MoneyGram agent Grant Lines mentioned in the press release that the recent collaboration with Visa Direct will improve the customer experience and enable entry into one of the world’s largest remittance markets. “We’ve built a modern, mobile, and API-driven company that has enabled MoneyGram to become the preferred partner for cross-border transfers, and we’re excited to continue to expand our real-time transfer capabilities with Visa Direct.”
Visa country manager for Vietnam and Laos Madame Dang Tuyet Dung, added that working with Money Gram would help stimulate Vietnam’s economic growth and introduce innovations in the Vietnamese financial technology sector.
Vietnam is one of the ten largest remittance recipients in the world. Millions of Vietnamese citizens work in the US, UK and Europe and send remittances home to their families. With the launch of the cross-border platform, users can send up to $10,0000 a day to Vietnam at a maximum limit of $2,5000 per transaction. Stay connected with us at FXcryptonews for recent updates, news and events.