Ripple-Backed MoneyGram and Visa Kick-Start Real-Time P2P Payment Service to Asia

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MoneyGram remittance giant has teamed up with another global payment behemoth to launch the first real-time P2P payment corridor to Asia from the US, the UK and Europe

According to a press-release, two global payment heavyweights, MoneyGram and Visa, have joined forces to launch the first real-time peer-to-peer solution to send remittances to Asia.

This payments corridor will connect Vietnam with the US, UK and part of the European Union.

MoneyGram and Visa set up another payments corridor

On February 2, the two payments global behemoths launched a new cross-border P2P payments solution that allows sending money from the US, the UK and eighteen countries of Europe to Vietnam.

To launch this payments solution, MoneyGram and Visa teamed up with Sacombank and a few more major banks in Vietnam so they can seamlessly accept funds wired to their customers via Visa Direct.

Customers can send their cash using the MoneyGram mobile application or via the company’s website to any owner of a Visa card in Vietnam.

As preported by U.Today earlier, this is not the first collaboration of MoneyGram and Visa. Previously, MoneyGram launched a payments corridor from the US, launched a new FastSend payments service – all supported by Visa Direct.

Vietnam is among top-10 global remittance recipients

A high-profile MoneyGram rep, Grant Lines, mentioned in the press-release, stated that this recent collaboration with Visa Direct will improve its customer experience and will allow it to tap one of the biggest global remittance markets.

According to Dang Tuyet Dung from Visa Vietnam and Laos, recipients in Vietnam can receive remittances via this newly set channel onto any Visa debit or prepaid card.

She added that this collaboration with the MoneyGram giant will be fruitful for the country’s economic growth and will introduce innovation in Vietnam’s fintech sphere.

The country is among top-ten remittance recipients on the planet. Numerous Vietnamese who live and work in the US, UK and Europe will now be able to wire money back home easily.

Now, users can transfer up to $10,000 to Vietnam per day and a maximum of $2,500 in a single transaction.

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