DALLAS—MoneyGram International has launched MoneyGram FastSend, a new service the company says allows consumers to send money quickly and easily to their friend's mobile phone number via the MoneyGram website and mobile app.
The new service, supported by the Visa Direct rails, enables fast transaction times. Customers can send and receive money in just a couple of clicks, the company said.
"With the launch of the new FastSend service, sending money is now as easy as sending a text," said Alex Holmes, MoneyGram chairman and chief executive officer. "FastSend builds on the success of our extremely popular mobile app and will further MoneyGram's leading position in the evolution of digital P2P payments."
To use FastSend, customers simply log in to the MoneyGram app or website, enter the receiver's name and phone number, and select FastSend. A text is sent to the receiver notifying them that they have funds immediately available for deposit. The receiver then logs in, adds their debit card, and the funds are transferred into their bank account within minutes, MoneyGram said.
It costs $1.99 per transaction and offers a $10,000 limit per transaction.
"Over the last few years, we've invested in our digital business to build a fintech start-up powered by our leading global brand," said Kamila Chytil, MoneyGram chief operating officer. "Our digital business is quickly becoming the leading cross-border P2P payment solution, and we're excited to launch FastSend to further accelerate our digital growth."