Families of Overseas Filipino Workers (OFWs) can now receive funds from the US via their PayMaya Visa card real time.
MoneyGram International, Inc., a global leader in cross-border P2P payments and money transfers, today (Oct 15) announced a partnership with PayMaya Philippines to launch their service allowing customers to send money from the US to the Philippines through Visa Direct, Visa’s real-time push-payment solution.
The new service is a milestone for the country’s remittance industry, one of the largest markets in the world.
Last year, US-based OFWs made a total of US$11 billion emittances in the Philippines. Money transfers from the U.S. contributed 40 per cent of total remittances.
Now, the two million Filipinos living and working in the United States can use MoneyGram to send money via Visa Direct, either on MoneyGram’s website or mobile app, to any PayMaya account holder in the Philippines using their 16-digit Visa physical or virtual card number. The money arrives almost instantly.
MoneyGram was the first in the industry to enable Visa’s real-time push-payment solution in the archipelago.
“Our digital business is delivering phenomenal growth, enabling consumers to receive money directly into their bank accounts,” noted Kamila Chytil, MoneyGram Chief Operating Officer.
“I’m excited about how this latest integration with PayMaya will improve the customer experience and drive digital growth,” she added.
“We are glad to offer another convenient way for PayMaya account holders to receive funds from the United States through our partnership with MoneyGram and Visa,” says Shailesh Baidwan, PayMaya President.
“As cashless becomes the default for most, Filipinos can now experience safe and convenient ways to receive funds and transact at home through this service.”
“In the Philippines today, majority of Visa debit and prepaid cards are enabled to receive real-time payments via Visa’s real-time push payment solution, Visa Direct,” he pointed out.
“We are pleased to work with PayMaya and MoneyGram to enable Visa cardholders in the Philippines to receive funds from family and loved ones in the US.”
“In this digital age, it’s important to introduce solutions to benefit cardholders’ lives, including making cross-border remittances hassle-free and efficient,” remarked Dan Wolbert, Visa Country Manager for the Philippines & Guam.
Once recipients have the funds in their PayMaya accounts, they can use it to shop online or in-store using the same Visa card, or buy load, pay their bills, settle their government dues, and send money to other PayMaya users or Smart Padala centers nationwide, all within the PayMaya app.