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 U.S., the U.K. and part of the European Union.
MoneyGram and Visa set up another payments corridor
On Feb. 2, the two global payments behemoths launched a new cross-border P2P payments solution that allows sending money from the U.S., the U.K. and eighteen European countries to Vietnam.
To launch this payments solution, MoneyGram and Visa teamed up with Sacombank and a few more major banks in Vietnam to 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 reported previously by U.Today, this is not the first collaboration between MoneyGram and Visa. Previously, MoneyGram launched a payments corridor from the U.S. and launched a new FastSend payments service—all supported by Visa Direct.
Vietnam is among top 10 global remittance recipients
A high-profile MoneyGram representative mentioned in the press release, Grant Lines, stated that this recent collaboration with Visa Direct will improve its customer experience and 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 new 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 into Vietnam's fintech sphere.
The country is among the top 10 remittance recipients on the planet. Numerous Vietnamese people who live and work in the U.S., the U.K. 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.
MoneyGram has distanced itself from Ripple
After the Ripple fintech giant was hit by the SEC lawsuit in late December 2020, MoneyGram issued a statement saying that it had not noticed any negative impact on its business over the legal action against Ripple.
The company also made it clear that it continues to conduct its FX operations, which it started prior to partnering with Ripple and is not dependent on Ripple for.