Source: Business Insider

Visa: MoneyGram premiered a service that enables transfers sent to phone numbers

This story was delivered to Business Insider Intelligence Payments & Commerce subscribers earlier this morning.To get this story plus others to your inbox each day, hours before they're published on Business Insider, click here.The legacy remittance firm announced the launch of its FastSend service that enables consumers to use MoneyGram's website or app to initiate a transfer and enter a receiver's name and phone number.Business Insider IntelligenceThe service, which was developed as part of MoneyGram's strategic partnership with Visa and uses Visa Direct's rails, results in the receiver getting a text that they have funds available, at which point they can log in to MoneyGram, add their debit card, and have the funds added to their account "within minutes."See the rest of the story at Business InsiderSee Also:Irish regtech Fenergo looks to broaden its product suite and acquisitions after securing $80 millionBBVA USA's digital offshoot Simple surpassed $1.2 million in auto savingsDBS and Standard Chartered make strides to overhaul their trade finances operations

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Based on data from Visa's latest SEC filings

Annual Revenue

Based on data from Visa's latest SEC filings

Employees

Alfred F. Kelly's photo - Chairman & CEO of Visa

Chairman & CEO

Alfred F. Kelly

CEO Approval Rating

71/100

Visa is a financial technology firm that offers electronic payment systems for consumers, businesses, financial institut... Read more