PaymentsJournal
SUBSCRIBE
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
No Result
View All Result

PayPal and Visa Partner for Faster Remittances

Sarah Grotta by Sarah Grotta
September 10, 2020
in Analysts Coverage, Debit, Faster Payments, Partnerships
0
PayPal and Visa Partner for Faster Remittances

PayPal and Visa Partner for Faster Remittances

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

One of the markets hard hit by the global pandemic has been international remittances. This graph from World Bank and Pew Research Center makes that point:

Global remittances in 2020 projected to decline more than during the Great Recession in every region of the world

But that hasn’t stopped market participants from developing and enhancing solutions. One example is the partnership formed by PayPal and several of its brands with Visa and the Visa Direct global push payment network. Visa Direct and also Mastercard Send have been growing domestically for person-to-person payments and business-to-consumer disbursements, but as more faster and real-time payment options become available at less expensive price points, focusing on cross border and cross currency markets makes sense. 

These debit networks have a clear advantage with already built global networks and foreign exchange capabilities.

This article on Yahoo Finance provides the announced details of the partnership:

Whether sending money to a family member in another country or obtaining same-day access to earnings, fast and secure digital payments have become an essential part of how the world pays and gets paid in the wake of COVID-19. Visa Inc. (NYSE:V) and PayPal (NASDAQ: PYPL) today shared details about an extension of their global partnership, which will expand real-time access to funds for consumers and small businesses that are sending or receiving money via PayPal, Venmo or Xoom. This collaboration expands PayPal’s Instant Transfer service, which leverages Visa Direct for real-time payment capabilities, to global markets and enables fast domestic and cross-border digital payments.

The global partnership will also enable PayPal to extend global white label Visa Direct payout services through PayPal and its Braintree, Hyperwallet and iZettle product solutions. This expansion follows the successful launch of the Instant Transfer service across North America and other markets in Asia Pacific and Europe.

Real-time access to earnings has become a critical component of improving cash flow for small and microbusinesses. Seventy-six percent of U.S. SMBs have reported struggling with cash flow shortages in the last few months3, with 91 percent expressing interest in real-time settlement capabilities4. Through Visa’s collaboration with PayPal, eligible PayPal, Braintree, iZettle and Hyperwallet merchants will be able to access their money quickly and efficiently, eliminating the need for paper-based processes that can delay quick access to funds.

For more information, visit the Visa Direct page and PayPal’s Instant Transfer page.

Overview by Sarah Grotta, Director, Debit and Alternative Products Advisory Service at Mercator Advisory Group

Tags: MasterCardPayPalVisa
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

    Analyst Coverage, Payments Data, and News Delivered Daily

    Sign up for the PaymentsJournal Newsletter to get exclusive insight and data from Javelin Strategy & Research analysts and industry professionals.

    Must Reads

    smart banking

    Smart(er) Banking Requires More Than Just Tech

    June 5, 2023
    Google Wallet Expands Features

    Google Wallet Continues to Bet on Digital with Expanded Features

    June 2, 2023
    digital value

    How Embracing Digital Value Can Help Solve the B2C Payments Conundrum

    June 1, 2023
    instant payments, real-time payments, RTP

    Banks Developing Instant Payments Products in the U.S. Should Focus on Billers to Generate New Revenue Streams  

    May 31, 2023
    Digital Wallet Use Delivers on Convenience and Security

    Digital Wallet Use Delivers on Convenience and Security

    May 30, 2023
    5 Ways to Protect Your Financial Institution from a Cyberattack

    5 Ways to Protect Your Financial Institution from a Cyberattack

    May 26, 2023
    traditional banks

    How Traditional Banks Can Modernize Without Risk

    May 25, 2023
    identity fraud

    Javelin’s Identity Fraud Study Highlights the Changing Nature of Fraud

    May 24, 2023

    Linkedin-in Twitter

    Advertise With Us | About Us | Terms of Use | Privacy Policy | Subscribe
    ©2023 PaymentsJournal.com

    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    Menu
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    • Industry Opinions
    • Recent News
    • Resources
    Menu
    • Industry Opinions
    • Recent News
    • Resources
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Industry Opinions
    • Faster Payments
    • News
    • Jobs
    • Events
    No Result
    View All Result

      Register to download this complimentary report from Volante Technologies: