Ripple-backed MoneyGram has announced that the new service called FastSend, that was created to allow customers to send money directly to the phone numbers of recipients, will be based on Visa and not on RippleNet or XRP.
International remittance giant company MoneyGram has recently announced its new FastSend service in order to facilitate the transfer of money to the recipient’s phone numbers. The service will be powered by Visa and not by the pre-existing partnership with Ripple that offers its RippleNet.
Ripple owns 10% of MoneyGram after the crypto company invested $50 million to the struggling remittance company. MoneyGram International Inc. (NASDAQ: MGI) has been declining in revenue and profits for the better part of 2018/2019 fiscal year, with Ripple injecting the capital, the shares have been recovering steadily.
After retesting the strong support zone at $2 per share, all signs are indicating the shares will rise to test all-time high $18 per share in 2017. Ripple has been creating a strong foundation in its line of business by partnering with strong existing businesses even though the XRP price has been the main loser amongst top-rated cryptos’ With this kind of moves, Ripple’s XRP is a crypto asset with a very bright future, even likely to surpass that of Bitcoin. At least Ripple CEO believes that it is so.
What Is Moneygram’s FastSend Powered by Visa?
According to the news release through PRNewswire on February 11, 2020, MoneyGram will offer a new service through which the customers can transfer money easily and quickly to their friend’s phone number using either the MoneyGram website or the mobile app.
With the new service supported by Visa Direct rails, the rate of money transaction is expected to scale up, attracting more users. The new service will provide a cutting edge advantage over the other strong competitors like Western Union.
According to the post, the new revolutionary product will allow customers to send and receive money in just a click. According to MoneyGram Chairman and Chief Executive Officer Alex Holmes, FastSend will ease means of money transfer just like sending a text.
He continued to say that FastSend will build on the pre-existing success of MoneyGram’s popular mobile app that operates on digital P2P payments. The service will be cheap as the cost of the transaction will be $1.99 per transaction from a debit card, capping the limit per transaction at $10,000 which is high than the competitors.
How to Use the New FastSend Service
In order for customers to use the new service by MoneyGram, they will simply have to log into their MoneyGram account either through the website or mobile app, then key in the recipient’s details (Names and Phone number) and finally select FastSend.
After that, a text will be sent to the receiver notifying them of the available funds ready for deposit. Next, the receiver will have to log into their MoneyGram account and add their debit card in order to access and transfer the funds into their bank account.