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.