The transfer company announced the launch of its FastSend service, which enables consumers to use the MoneyGram website or app to initiate a transfer and enter a recipient's name and phone number.
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The service, which was developed as part of MoneyGram's strategic partnership with Visa and uses the Visa Direct rails, means that the recipient receives a text in which he has available funds. At this point, they can log in to MoneyGram, add their debit card and have the following: The balance was transferred to your account "within minutes".
FastSend has a maximum of $ 10,000 per transaction and charges a $ 1.99 fee. It is currently available for transfers from the United States and transfers from the United States to Spain estimated US $ 922 million in 2017, the latest data available – and MoneyGram plans to add more markets by 2020.
FastSend's minimal requirements to perform a transfer could popularize it and increase MoneyGram's user base in the process.
The service can appeal to consumers because it is designed to eliminate the friction in the transfer process. Without FastSend, recipients may already need a MoneyGram account for consumers to successfully send money to them, or senders need to know and enter information about recipients such as their address. debit card Card number and expiry date.
This limits the convenience of MoneyGram's digital features, as senders may need to collect more information or recipients may need to set up a MoneyGram account. However, since FastSend only requires consumers to know and enter a recipient's phone number and the recipient can quickly access the credit after sending, the program could appeal to consumers and generate more volume for MoneyGram.
And the lesser amount of information needed could help MoneyGram coordinate digital upstarts in the frequently needed referral area little Information so MoneyGram doesn't lose volume.
The service can also have a network effect for MoneyGram as it can attract new users to the company. If consumers receive text through FastSend that says they have received money through FastSend and need to set up a MoneyGram account to access it, they are likely to do so to avoid losing their money.
And if FastSend turns out to be popular, it can happen regularly and potentially increase MoneyGram's user base. This Network Effect It is possible that MoneyGram has similar benefits thanks to FastSend.
The introduction of FastSend promotes MoneyGram's efforts to improve its digital capabilities and could help its strong online performance improve during the holidays. MoneyGram reported "Record-breaking" online transaction growth from December 1-25, with online transaction growth up 70% year over year.
The transfer company job with Visa Direct, extension its reward program and improved The website may have played a role in this performance, and the addition of FastSend could help improve vacation results. Given that 80% of MoneyGram's online transactions were started on a mobile device during the holidays, FastSend's focus on mobile phones could be particularly attractive as it is easier for recipients to rely on mobile devices.
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