Pangea Introduces the First Debit-to-Debit International Money Transfer Product
Real-time debit-to-debit transfers via mobile app simplifies
international remittances
CHICAGO–(BUSINESS WIRE)–Pangea, the international money
transfer platform, today introduced a new debit-to-debit
transfer product that lets users send money through a mobile app using
only debit card numbers, not bank account details. This is the simplest,
fastest and cheapest way to make international transfers, and it will be
available initially for U.S. to Mexico transfers. Consumers can now
download the app (Pangea Money Transfer) and complete a transfer in less
than 60 seconds for a fixed fee of $3.95.
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 (PAN) on a debit card, rather than difficult-to-find bank details
that few people have at their fingertips. Pangea’s money transmitter
license in Mexico and connectivity to the Central Bank payment system
allow the company to bypass intermediaries and provide faster, more
secure and cheaper transfers.
“At Pangea, we’re empowering a large group of people who have not
benefited from other innovations in the financial world,” said Rahier
Rahman, 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.”
Every year, 28 million people in the U.S. send more than $120 billion to
their home countries. Traditional money transfer services take up to 45
minutes per transfer, require bank account details and include an eight-
to nine-percent fee, along with using a complicated system of agents,
paperwork and web forms. With Pangea’s new debit-to-debit product
feature, users can send real-time transfers on-the-go through their
mobile devices and save up to 75 percent in fees. This translates to an
annual savings of almost $250 per user, based on average industry
sending amounts.
“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.”
Founded in 2012, Pangea has raised $10 million in venture financing from
KGC Capital, Jump Capital, BW Capital Partners, Chicago Ventures and OCA
Ventures. Pangea’s team and advisers have deep roots in consumer-driven
businesses, financial services and retail payments from experiences at
iconic companies like Walmart, Walgreens, First Data, Western Union,
Amex, Redbox, Starbucks, Leo Burnett and Time Warner, among others.
About Pangea
Pangea’s mission is to make money transfers simple, fair, and safe.
Pangea’s remittance solution includes flexible payment vehicles, an
enhanced user experience, significant cost savings, and an
industry-leading compliance and risk analytics platform. The
international money transfer platform enables users to transfer funds
using any U.S. debit card through the mobile app, web portal, or via
retail partners. Receivers in Mexico, Colombia, Guatemala, El Salvador,
and Dominican Republic can collect the money at 18,000-plus cash pickup
locations or directly into any of the 65 million debit cards or 60
million bank accounts in Mexico. No lines. No hidden fees. More savings.
Contacts
Method Communications
Chelsea Robie, 801-461-9787
crobie@methodcommunications.com
