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 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.
Carousell was the first merchant to use this solution to enable sellers in the online marketplace to receive funds immediately. The second merchant to use Stripe’s Instant Payouts feature powered with Visa Direct, is local ride-hailing app, Ryde. Ryde will be using this solution to pay all drivers under its network.
“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," 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.