Pangea Reveals First Debit-to-Debit International Money Transfer Product
Pangea, an international money transfer platform, announced today a new debit-to-debit transfer system that enables users to send money via a mobile app using their debit card numbers, without any bank account details.
Apparently, this is the simplest, quickest, and cheapest way to make international transfers. To start, this will be limited to U.S. and Mexico transfers only.
Now, consumers can download the app to complete a transfer in under sixty seconds-$3.95 each.
It is determined that this debit-to-debit product is the first to provide a method in order to transfer funds to Mexico in real time, utilizing a 16-digit primary account number (PAN) on a debit card, as opposed to hidden bank details that very few people have on hand.
“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.”
Each year, 28 million people in the U.S. send more than $120 million to their home countries, and with each transfer, a 45-minute waiting process is guaranteed.
“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.”