Visa has joined forces with Singapore-based global payments company Thunes to launch a cross-border send-to-wallet capability for small businesses and consumers.
Under the partnership, the Thunes’ B2B payments platform will connect to Visa Direct adding a cross-border send-to-wallet capability to 78 digital wallet providers.
The collaboration expands Visa Direct’s reach to nearly seven billion endpoints, including more than three billion cards, over two billion accounts and 1.5 billion digital wallets.
Via a simple integration of Visa Direct, financial institutions, governments, neobanks and money transfer operators will be able to utilise the new functionality to enable consumers and small businesses to send funds to markets across Africa, Asia, and Latin America.
Ruben Salazar Genovez, global head of Visa Direct, said: “We are thrilled to collaborate with Thunes and help enable quick and simple access to the financial system to more customers around the world who may use digital wallets as their primary financial instrument.
“From an agricultural worker in Bangladesh to a young professional in London who is looking to send money to family overseas, Visa strives to create more ways for individuals and SMBs to participate in the global economy.”
While Peter De Caluwe, CEO of Thunes, said it is thrilled to be working with Visa. “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.”