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

Visa Direct Faster Payment Option Finds Additional Partners in Canada

Sarah Grotta by Sarah Grotta
May 8, 2018
in Analysts Coverage
0
faster payments

faster payments

1
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

Visa is joining Mastercard in offering push payments options in Canada.  Visa Direct, the faster payment option also referred to as an original credit transaction (OCT) has been used for near real time P2P transfers and is now being offered for B2C distributions as reported in IT World Canada:

Visa says its real-time service to send and receive money is already available in 200 markets around the world. Built on top of its same payment network that enables debit and credit card transactions around the world, the service allows for payments to be made directly to a bank account. It’s an ideal way to replace many business processes that currently rely on cheques, seeing as it’s a much quicker method for payment and there’s no risk of it getting lost in the mail.  

Visa Direct has allowed for person-to-person payments in Canada since 2013. Now it’s working with two new partners in Peoples Payment Solutions and Telus Health and Payment Solutions. The former will be using Visa’s permissioned APIs to offer services to its business clients that enable them to send real-time payments to Visa debit cards in Canada. The latter will be making use of Peoples Payment Solutions in order to pay its customers for their benefits claims. 

The number of consumers that can receive a Visa Direct payment is significant in Canada; over 90% according to this article, but it does not reach those without a Visa product or with a bank that has not enabled the Visa Direct option.  Some consumers will receive a notice that their cards are not “ fast funds enabled”, meaning the financial institution will not process these types of transactions through the networks.  This scenario also exists in the U.S. and impacts consumers’ ability to participate in P2P and B2C programs that offer this faster form of money movement.

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

Tags: CanadaFaster PaymentsReal Time PaymentsVisa
1
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 Mercator Advisory Group analysts and industry professionals.

    Must Reads

    eCommerce On Social Media, social commerce

    The Rise of Social Commerce and Social Payments

    February 3, 2023
    Electroneum AnyTask; ETN Crypto, sales enablement

    Ethical Financial Selling: The Role of Compliance Technology and Sales Enablement

    February 2, 2023
    direct deposit

    Nacha Launches Campaign to Reach Millennials on the Benefits of Direct Deposit

    February 1, 2023
    Equinix Helps UK-Based Payments Provider Enable Faster, More Reliable Payments Processing

    Equinix Helps UK-Based Payments Provider Enable Faster, More Reliable Payments Processing

    January 31, 2023
    credit card tumbling

    How to Detect, and Prevent, Credit Card Tumbling

    January 30, 2023
    Why Businesses Need to Adopt Real-Time Payments as a Competitive Differentiator

    Why Businesses Need to Adopt Real-Time Payments as a Competitive Differentiator

    January 27, 2023
    faster payments

    Faster Payments Are Set to Revolutionize Modern Digital Payments

    January 26, 2023
    How AI can Help Manage Payments Risk in 2023

    How AI can Help Manage Payments Risk in 2023

    January 25, 2023

    • Advertise With Us
    • About Us
    • Terms of Use
    • Privacy Policy
    • Subscribe
    ADVERTISEMENT
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    • Industry Opinions
    • News
    • Resources

    © 2022 PaymentsJournal.com

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

      Register to download the Equinix report - Dojo Delivers Fast, Reliable and Secure Card Payments to Businesses on Platform Equinix