Visa’s real-time payments platform Visa Direct is set to be launched in Europe allowing companies on the continent to leverage the global scale and reach of the financial institution in transforming cross-border and domestic payments. In this mission Visa is partnering with players in the financial sector as well as payment service providers in order to roll out Visa Direct.
The real-time payments platform is not limited to peer-to-peer but also allows for business-to-business as well as business-to-consumer transactions. With the platform it is possible to transfer funds into the Visa account of the recipient securely, conveniently and quickly. Thus funds can be accessed instantly and purchases can be made at more than 44 million outlets across the globe.
“Visa Direct is a proven platform that enables technology companies, businesses and financial institutions to meet the demand for real-time payments, backed by the ubiquity, cost-efficiency and speed of Visa’s global network,” said Visa Europe’s product solutions vice president Mike Lemberger.
One of Visa’s partners in this endeavor is Worldpay, a firm which leads globally in offering payments-processing solutions and technology to merchants. This partnership will speed up the rate at which Visa Direct becomes available to merchants all across Europe and eventually to other parts of the world.
In order to be able to send payments to consumers in real-time recipient banks will be required to make system changes. Visa Direct is already in use in the United States where the platform is enabling payments for such partners as Stripe, Square Cash, Braintree and PayPal.
Monaco prepaid card
The launch of Visa Direct in Europe comes in the wake of the financial institution approving a prepaid card which is backed by the Monaco cryptocurrency. Consequently the prepaid card is now being issued to residents of Singapore, according a spokesperson for Visa, Lea Cademenos. The approval was given through Wirecard AG, the issue of Monaco cryptocurrency.
According to the chief executive officer of Monaco, Kris Marszalek, demand for the prepaid card is high and more than 17,000 units have been reserved even before an advertising campaign has been rolled out.
Cryptocurrencies are currently seeking partnerships with Visa as this would allow for easy conversion of the virtual currencies into fiat money. It could also mean that the cryptocurrencies will be accepted in more than 44 million outlets around the world that allow transactions using Visa cards. Besides operating in Singapore Monaco is also looking expand internationally and has set its sights on other parts of Asia, Europe and North America.