Visa and Stripe to Launch Instant Payments on Stripe Connectby Fintech News Singapore November 12, 2018
Visa, has teamed up with Stripe, a fintech company focusing on online payment processing, to enable its real-time push payment solution on Stripe Connect, the company’s solution for multi- sided marketplaces and platforms.
Visa Direct offers real-time push payment capabilities to business owners and consumers via the cards they already carry in their wallets. Funds are available within minutes, providing speed, convenience and security to the payment experience.
With this integration, verified sellers using Stripe’s Instant Payout feature will be able to receive payments immediately on their Visa debit cards. This is a faster option than the current standard payment process, which is a payment from Stripe to the sellers’ bank accounts, which normally takes a few days to process. Among the merchants using this solution are Carousell and local ride-hailing app Ryde.
Visa Direct is expected to transform payments by enabling a range of real-time payment use cases backed by the security and scale of Visa’s global payment network, including B2B, B2C and P2P payments.
Visa Direct is one of the many API-based network capabilities available on the Visa Developer Platform – an open platform intended to drive innovation in payments and commerce.
The platform is designed to help financial institutions, merchants, and technology companies meet the demands of consumers and merchants who increasingly rely on connected devices to shop, pay, and get paid.
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