MoneyGram—the money transfer company that Ripple has a $30 million stake in—announced yesterday a new debit card deposit service with Visa. The service, which works with Visa’s real-time payments platform, Visa Direct, will make it possible for MoneyGram customers to transfer money to over a billion Visa cards using MoneyGram.
MoneyGram users will be able to send money to debit cards via the MoneyGram app or on its website. The cost of the service starts at $1.99 per deposit.
"Visa and MoneyGram share a common goal of providing customers with a fast and reliable way to pay and be paid," said Bill Sheley, Global Head of Visa Direct.