In order to integrate Visa Direct with its global payments platform, DeeMoney, a leading Thai FinTech company and Ripple partner, has partnered with Visa, according to a Bangkok Post report from yesterday.
Through this partnership, customers will be able to send cross-border payments to over 170 countries in 160 different currencies almost instantly using only the recipient’s Visa card information. In contrast to conventional cross-border payment methods, which take days to reach the recipients, Visa claims that recipients will get funds within 30 minutes after the transaction.
However, the service will launch in 2023.
While XRP influencers have promoted this partnership, it should be noted that it uses Visa Direct rather than Ripple’s On-Demand Liquidity (ODL) service.
“With the simplicity, speed, and proven security it offers, Visa is our ideal partner for near real-time payments,” DeeMoney chief executive officer Aswin Phlaphongphanich said. “This partnership allows our customers to send funds directly to their friends’ or family’s debit card accounts in real-time to more than 170 countries in over 160 transaction currencies. It also enables real-time payments 24/7, including weekends and holidays, which are not feasible with traditional banks.”
“Upon its launch, DeeMoney’s Visa- licensed near real-time payment solution will be one of the fastest ways to send funds to the rest of the world.”
In March 2020, DeeMoney announced a partnership with Ripple. The collaboration enabled the Thai FinTech powerhouse to use RippleNet to provide low-cost same-day settlement of cross-border payments into and out of Thailand.
Ripple has formed a partnership with a significant global payments company for the second time in seven days. Ripple partner Frente Corretora introduced MoneyGram’s online remittance platform in Brazil last Tuesday.