CARD.com has recently taken a significant step in the financial realm by enabling its users to make cross-border payments through Visa Direct. This innovative offering is the result of a strategic collaboration between CARD.com, a leading FinTech specializing in mobile banking and card payments, and Visa. In a Monday (Dec. 16) press release, the companies announced this exciting development. According to the release, CARD.com users can now enjoy the benefits of card-based payments in over 180 countries and territories, account transfers in more than 90 countries, and wallet transactions in more than 50 countries. Paul Neustaedter, CEO of CARD.com, expressed his enthusiasm, stating, "This collaboration allows us to expand our financial services on a global scale, offering fast, convenient and secure international payment options to meet the needs of our growing user base."Powering Cross-Border Payments with Visa Direct
Visa Direct, as per the release, is powered by a global infrastructure and real-time payment capabilities. These capabilities enable fast remittances, secure transfers, and enhanced control over cross-border transactions. Yanilsa Gonzalez-Ore, senior vice president and global head of Visa Direct, emphasized the significance, saying, "Visa Direct is transforming how people move money around the world, and we are excited to partner with CARD.com to deliver an improved cross-border payment experience. Together, we’re helping connect people globally with a reliable, fast and secure way to send and receive money."Expanding Financial Services Globally
The collaboration between CARD.com and Visa opens up new avenues for global financial services. With the ability to offer card-based payments in numerous countries and territories, CARD.com is catering to the needs of a growing user base. This not only provides convenience but also ensures the security of international transactions. The real-time payment capabilities of Visa Direct play a crucial role in facilitating seamless cross-border payments, reducing delays and enhancing the overall user experience.Advancements in Cross-Border Payment Technology
Payment networks like Visa have been constantly evolving to meet the demands of a globalized economy. The move to enable faster delivery of money with Visa Direct is a significant step in this direction. As reported on Thursday (Dec. 12), Visa will begin enabling funds to be transferred to U.S. bank accounts within one minute starting next April. This capability will allow consumers, businesses, and governments to make real-time deposits to bank accounts linked to eligible debit cards. In October, Visa reported that Visa Direct transactions grew by 38% in its fiscal fourth quarter to 2.8 billion, and the total number of Visa Direct transactions for the year reached almost 10 billion. Real-time and digital-first solutions are indeed proving to be the best ways to address the pain points and frictions in global money movement, including speed, cost, and transparency. Gonzalez-Ore highlighted this in an interview with PYMNTS in November 2023, emphasizing the importance of these solutions in the modern payment landscape.
