What happened Shares of MoneyGram International (NASDAQ: MGI) popped as much as 26% today after the company announced that it was expanding its Visa debit card deposit service in Europe. But by 3:15 p.m. EST on Friday, the stock had given back much of those gains and was up 8%. So what MoneyGram is partnering with fintech company Checkout.com for the initiative, which will allow MoneyGram users to send peer-to-peer (P2P) money transfers in what it calls "near real-time" to other debit card holders across 25 countries in Europe. The service will leverage Visa Direct, the payment processing giant's real-time push payments platform. Image source: MoneyGram. "Our strategic partnerships have enabled MoneyGram to create the world's leading network, and this expansion is another milestone on our journey to lead the evolution of digital P2P payments," MoneyGram CEO Alex Holmes said in a statement. "Consumer demand for real-time payments direct to bank account and mobile wallets continues to surge." Now what MoneyGram notes that Europe is one of the largest markets for the remittance industry. The company was the first to facilitate cross-border transfers from the U.S. using Visa Direct and has continued to expand. MoneyGram has not yet scheduled its fourth-quarter earnings release. Guidance calls for total revenue growth of approximately 1%, with adjusted EBITDA forecast to grow by 10% thanks to cost savings related to digital transformation efforts. The company warned of ongoing economic uncertainties due to the pandemic. 10 stocks we like better than MoneyGram InternationalWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and MoneyGram International wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of November 20, 2020 Evan Niu, CFA has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Visa. The Motley Fool has a disclosure policy.Source