Pangea enables mobile money transfers via debit card
Pangea, an international funds transfer platform, today introduced a new debit-to-debit transfer product that lets users send funds through a mobile app using only debit card numbers, not bank account details. The company said in a press release its system will be available initially for U.S. to Mexico transfers. Consumers can now download the app, Pangea Money Transfer, and complete a transfer for a fixed fee of $3.95.
"At Pangea, we're empowering a large group of people who have not benefited from other innovations in the financial world," said Rahier Rahman, Pangea founder and CEO. "We've created a payment platform that allows people in the U.S. to send money to Mexico without having to ask for or provide any bank account details while maintaining bank-level security for transactions. We are transforming an industry that has previously relied on the antiquated agent model to deliver fast and low-cost financial services."
Pangea claims that the direct debit-to-debit product is the first to provide a way to transfer funds to Mexico in real time using the 16-digit primary account number on a debit card, rather than bank details. Pangea said its money transmitter license in Mexico and connectivity to the Central Bank payment system enable the company to bypass intermediaries and provide faster, more secure and cheaper transfers.
"Pangea fundamentally changes the international money transfer experience by using technology and relationships to provide unprecedented levels of ease, speed and security to users," said Jane Thompson, Pangea board member and former president of Walmart Financial Services. "The cross-border money transfer market has been largely underserved by technology, while filling a critical need for those who need to send money internationally. Pangea's combination of strong leadership and differentiated technology uniquely positions it to take advantage of the sizeable market opportunity, serving millions of customers better than competitors."
Topics: Money Transfer / P2P