British online money transfer service provider TransferWise has teamed up with Visa to enable its customers to transfer money to debit cards in real-time.
The collaboration will enable customers of TransferWise to use Visa’s real-time push payments platform Visa Direct to send and receive funds globally.
Initially, the service has been rolled out in Spain. It will be rolled out in Hungary, Romania, Czech Republic and Bulgaria.
Additionally, TransferWise will continue to cooperate with Visa and expend its services using Visa Direct, across Europe and worldwide next year.
Visa senior vice president and global head of Visa Direct Bill Sheley said: “Technology is bringing us closer together, yet there are still challenges that it hasn’t solved when it comes to individuals and small businesses moving money around the world.
“The TransferWise collaboration is the latest addition to Visa’s efforts to help our clients enable individuals and small businesses to send and receive international payments quickly and securely by utilising the power of Visa Direct.”
TransferWise CEO and co-founder Kristo Käärmann stated: “TransferWise is on a mission to move money around the world in a cost-efficient, quick and transparent way.
“Integrating Visa Direct further eases the transfer process and brings us another step closer to achieving our mission.”
Visa Direct has processed two billion transactions this year and Visa is working with a number of firms to continue this growth momentum next year.
Recently, MoneyGram in collaboration with Visa rolled out its debit card deposit service in Spain and the Philippines.