NEW YORK—Alternative payment methods are seeing growing adoption in money transfers, and while digital wallets are getting much of the attention, push-to-card is also seeing significant growth, according to a new report.
Over the last few months, there have been a number of key partnerships between money transfer providers and both Visa and Mastercard to further advance push to card, FXC Intelligence reported.
Push to card—instant funding, real-time payments, and disbursement and collections—allows funds to be transferred immediately to a consumer's bank account through their debit card. It enables money transfers and other cross-border payments to be sent to an international card using just the 16-digit card number, the report explained.
“Significantly, the push to card is 24/7, without restrictions on weekends, and in many regions can be delivered in real time,” FXC Intelligence noted.
“Both Visa and Mastercard have been offering the service for some time, but its adoption and use is growing. For money transfer companies, many of whom have been adding the capabilities on some or all of their corridors, the service is an extra pay-out solution alongside bank accounts, digital wallets and, in some cases, cash,” FXC Intelligence said.
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