Thunes, a provider of cross-border payment solutions, has
announced an expansion of its strategic partnership with Visa. The
collaboration aims to introduce new endpoints in crucial markets across Asia
and Africa.
The enhanced collaboration involves Visa leveraging Thunes’ network
to facilitate payments to over 108 different digital wallet types and bank
accounts across several countries in Africa and Asia, including key markets
like Kenya, the Philippines, Indonesia, and Pakistan. Additionally, Thunes is
integrating Visa Direct’s push-to-card capability, allowing for seamless
payouts to eligible Visa cards and accounts spanning 190+ countries and
territories.
Chris Newkirk, Global Head of Commercial & Money Movement Solutions at Visa, Source: LinkedIn
Chris Newkirk, the Global Head of Commercial & Money
Movement Solutions at Visa, commented: “At Visa, we’re building the
infrastructure to enable our partners to move money from any endpoint, to any
endpoint, seamlessly. Broadening both our reach and number of endpoints – more
than 8.5B today — is crucial to achieving that goal. Together with Thunes,
we’re broadening the payment ecosystem by connecting to bank accounts, cards,
and wallets, ultimately bringing more streamlined payouts capabilities to our
joint clients.
Visa’s projection of a $200 trillion market for global money
movement flows underscores the immense potential for growth in this sector,
encompassing various transaction types such as B2B, B2C, P2P, and government
disbursements. By broadening its collaboration with Thunes to enable payouts to
digital wallets and bank accounts, Visa aims to solidify its position in
capturing this burgeoning market opportunity.
Enhancing Global Payment Accessibility
The burgeoning popularity of digital wallets, characterized
by their ease of use, speed, and security, has been underscored by projections
indicating that over 60% of the world’s population is expected to embrace them
by 2026.
Consequently, an increasing number of financial institutions,
including prominent entities like CIBC in Canada, are partnering with Visa to
integrate cross-border payout capabilities into digital wallets. This trend
underscores the growing recognition of mobile wallet interoperability as a
crucial mechanism for optimizing payments for both consumers and businesses.
This latest initiative builds upon the existing
collaborative efforts between Thunes and Visa. The partnership, initially
forged in October 2022 to extend Visa Direct’s reach to 1.5 billion wallets,
has since evolved into a multifaceted alliance aimed at driving innovation and
accessibility in cross-border payments.
“Our partnership with Visa is more than just a financial
investment. We’re engaging with each other’s networks, corridors and payment
methods as payments continue to digitize. There is a crystal clear, untapped
opportunity for B2B cross-border payments at scale, and Thunes is delighted to
work with Visa to enable these new payment flows,” said, Floris de Kort, the CEO
of Thunes.
Thunes, a provider of cross-border payment solutions, has
announced an expansion of its strategic partnership with Visa. The
collaboration aims to introduce new endpoints in crucial markets across Asia
and Africa.
The enhanced collaboration involves Visa leveraging Thunes’ network
to facilitate payments to over 108 different digital wallet types and bank
accounts across several countries in Africa and Asia, including key markets
like Kenya, the Philippines, Indonesia, and Pakistan. Additionally, Thunes is
integrating Visa Direct’s push-to-card capability, allowing for seamless
payouts to eligible Visa cards and accounts spanning 190+ countries and
territories.
Chris Newkirk, Global Head of Commercial & Money Movement Solutions at Visa, Source: LinkedIn
Chris Newkirk, the Global Head of Commercial & Money
Movement Solutions at Visa, commented: “At Visa, we’re building the
infrastructure to enable our partners to move money from any endpoint, to any
endpoint, seamlessly. Broadening both our reach and number of endpoints – more
than 8.5B today — is crucial to achieving that goal. Together with Thunes,
we’re broadening the payment ecosystem by connecting to bank accounts, cards,
and wallets, ultimately bringing more streamlined payouts capabilities to our
joint clients.
Visa’s projection of a $200 trillion market for global money
movement flows underscores the immense potential for growth in this sector,
encompassing various transaction types such as B2B, B2C, P2P, and government
disbursements. By broadening its collaboration with Thunes to enable payouts to
digital wallets and bank accounts, Visa aims to solidify its position in
capturing this burgeoning market opportunity.
Enhancing Global Payment Accessibility
The burgeoning popularity of digital wallets, characterized
by their ease of use, speed, and security, has been underscored by projections
indicating that over 60% of the world’s population is expected to embrace them
by 2026.
Consequently, an increasing number of financial institutions,
including prominent entities like CIBC in Canada, are partnering with Visa to
integrate cross-border payout capabilities into digital wallets. This trend
underscores the growing recognition of mobile wallet interoperability as a
crucial mechanism for optimizing payments for both consumers and businesses.
This latest initiative builds upon the existing
collaborative efforts between Thunes and Visa. The partnership, initially
forged in October 2022 to extend Visa Direct’s reach to 1.5 billion wallets,
has since evolved into a multifaceted alliance aimed at driving innovation and
accessibility in cross-border payments.
“Our partnership with Visa is more than just a financial
investment. We’re engaging with each other’s networks, corridors and payment
methods as payments continue to digitize. There is a crystal clear, untapped
opportunity for B2B cross-border payments at scale, and Thunes is delighted to
work with Visa to enable these new payment flows,” said, Floris de Kort, the CEO
of Thunes.
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- Source: https://www.financemagnates.com//fintech/payments/visa-and-thunes-expand-reach-to-asia-and-africa-in-cross-border-payment/
