Visa has partnered with Thunes, a global payments company based in Singapore, to facilitate cross-border payments to 78 digital wallet providers, allowing access to 1.5 billion digital wallets in 44 countries. With this new partnership, Visa Direct will now be available to 1.5 billion digital wallets, 2 billion accounts, and 3 billion cards.
Digital wallets are becoming popular as an enabling initial entry point into the financial system for unbanked individuals in developing nations. Due to the fact that a digital wallet does not require users to have a credit card or bank account to add or withdraw money, it may help underprivileged communities access financial services that can improve their quality of life.
According to Ruben Salazar Genovez, Global Head of Visa Direct, “Visa seeks to develop new alternatives for people and SMBs to engage in the global economy, from an agricultural worker in Bangladesh to a young professional in London who is seeking to transfer money to relatives abroad.” We’re thrilled to collaborate with Thunes to make it easier for people all around the globe to utilize digital wallets as their main means of financial transactions.
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This partnership will allow Thunes’ B2B payments technology to connect with Visa Direct, expanding its international send-to-wallet capabilities beyond the current 78 digital wallet providers. Financial institutions, governments, neobanks, and money transfer operators can take advantage of the new functionality by integrating Visa Direct. This will allow consumers and small businesses to send money to markets in Africa, Asia, and Latin America, where wallets may be the preferred payment method.
The company dominates across regions with its services
Peter De Caluwe, CEO of Thunes, expressed the company’s excitement at partnering with Visa, the world’s preeminent payment processor, on this launch. “Through the combined power of Visa’s scale and Thunes’ payment infrastructure, this collaboration has the potential to help develop a new global era for inclusive and accessible global payments.”
Visa Direct now helps provide access to nearly 7 billion cards, accounts, and digital wallets combined across more than 190 geographies, supporting 160 currencies, connecting to 16 card-based networks, 66 domestic Automated Clearing House (ACH) schemes, 11 Real-Time Payment (RTP) networks, and five payment gateways. With the addition of 1.5 billion digital wallets to its reach, Visa Direct now helps provide access to nearly 7 billion cards, accounts, and digital wallets combined
About Thunes
Thunes was launched in 2016, and it is now in partnership with businesses including Uber, Deliveroo, Grab, PayPal, and Remitly to enable payments in 79 different currencies and to 130 different countries. In April 2022.
The Startup acquired a majority share in Tookitaki, a firm that specializes in anti-money laundering solutions. As a result of this acquisition, Thunes is now able to provide sophisticated compliance, anti-fraud, and anti-money laundering (AML) capabilities.