Visa Direct now available to online marketplaces using Stripe
Visa, the world's leader in digital payments, has teamed up with Stripe, a technology company that builds the economic infrastructure for the internet, 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 instant payout option is available to them in addition to a standard payment from Stripe to their bank account, which normally takes a few days to process.
Using Stripe’s Instant Payouts feature with Visa Direct is Carousell, one of the largest and fastest growing classified and C2C marketplaces in the region, and Ryde, a local ride-hailing app. Both platforms now also allow sellers and drivers on their networks in Singapore to get paid immediately on their Visa debit cards.
“The payment landscape is evolving rapidly, which means that consumers and merchants are expecting faster and more secure ways of payments. We are also living in an app-based economy where digital payments is at the centre of the consumer experience. Hence, the partnership with Stripe to launch Visa Direct in Singapore helps to create a better payment experience for consumers and merchants through this real time disbursement solution,” said Kunal Chatterjee, Visa Country Manager for Singapore & Brunei. “With the introduction of Visa Direct, we can help businesses across multiple industries enhance operational efficiency and strengthen their competitive advantage.”
“We’ve worked closely with our partners, including Visa, to enable Instant Payouts for Stripe users. Hundreds of thousands of people deliver, drive and sell on marketplaces across Asia,” said Piruze Sabuncu, Head of Southeast Asia and Hong Kong at Stripe. “And whether they’re working full-time or part-time, getting paid a few days faster can be a big help.”
“We constantly find new ways to innovate and value-add to our community. By working with Visa and Stripe, we can now provide instant payment to our network of 60,000 carpool and private hire drivers, which is extremely beneficial for them,” said Joshua Wong, Head of Digital Payments for 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:
- Business-to-consumer: enabling businesses to send almost any kind of payment directly to a Visa account – such as gaming winnings, insurance payouts, and daily merchant settlements.
- Business-to-business: enabling businesses to pay freelancers, contractors, and other small businesses – in real time.
- Person-to-person: enabling consumers to pay each other quickly, conveniently, and securely, often through their connected devices – such as when splitting bills or giving gifts.
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.
Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit www.visa.com.sg