Visa expands partnership with Thunes in emerging markets

Visa has partnered with Singapore-based cross-border payments company Thunes to expand Visa Direct’s reach to 1.5 billion digital wallets.

Visa partners with Thunes to help individuals and small businesses transfer money internationally to 78 digital wallet providers, reaching 1.5 billion digital wallets in 44 countries and territories. This partnership will now extend Visa Direct’s reach to nearly 7 billion endpoints, including more than 3 billion cards, over 2 billion accounts and 1.5 billion digital wallets.

Visa has partnered with Singapore-based cross-border payments company Thunes to expand Visa Direct's reach to 1.5 billion digital wallets.

inner workings of the partnership

This collaboration will connect Thunes’ B2B payments platform with Visa Direct and add cross-border send-to-wallet functionality to 78 digital wallet providers already integrated with Thunes. Through a simple Visa Direct integration, financial institutions, governments, neobanks and money transfer companies can use the new functionality to allow consumers and small businesses to send funds to markets in Africa, Asia and Latin America where wallets may be the preferred payment method.

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Expanding its reach to 1.5 billion digital wallets, Visa Direct now helps provide access to nearly 7 billion cards, accounts and digital wallets in more than 190 regions, supports 160 currencies and is connected to 16 card-based networks, including 66 domestic Automated Clearing House (ACH) systems, 11 Real-Time Payment (RTP) networks and five payment gateways.

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The importance of digital wallets in the financial markets

For the unbanked in emerging markets, digital wallets are gaining traction as the first point of entry into the financial system. Consumers do not need to have a card or account to load or receive money directly into their digital wallet, unlocking the potential for greater financial inclusion and enabling underserved populations to access financial products that have a meaningful impact on their lives and work .

Regarding the partnership, Thunes officials said that through the combined power of Visa’s scale and its payments infrastructure, this collaboration has the potential to help develop a new global era for inclusive and accessible global payments.

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Visa officials explained that from a farm worker in Bangladesh to a young professional in London looking to send money to family abroad, Visa strives to create more opportunities for individuals and SMEs to participate in the global economy. They are excited to partner with Thunes and help bring quick and easy access to the financial system to more clients around the world who use digital wallets as their primary financial tool.

For more information about Thunes, see the company profile on The Paypers Company Database.

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