DeeMoney will offer Visa customers in Thailand near-instant cross-border payments.
Thailand FinTech giant and Ripple partner DeeMoney has entered a partnership with Visa to integrate Visa Direct with its international payments platform, per a report from Bangkok Post yesterday.
The partnership will allow users to carry out near-instant peer-to-peer cross-border payments to over 170 countries in 160 currencies using only the recipient’s Visa card details. Per the report, Visa says recipients will receive funds within 30 minutes of the transaction, unlike traditional cross-border payment methods that take days to reach the recipients.
Notably, the service will launch in 2023.
Despite the promotion of this partnership by XRP influencers, it bears mentioning that this partnership uses Visa Direct, not Ripple’s On-Demand Liquidity (ODL) service, which utilizes the XRP Ledger.
— Cryptic Poet (@1CrypticPoet) December 27, 2022
“With the simplicity, speed, and proven security it offers, Visa is our ideal partner for near real-time payments,” DeeMoney chief executive officer Aswin Phlaphongphanich said. “This partnership allows our customers to send funds directly to their friends’ or family’s debit card accounts in real-time to more than 170 countries in over 160 transaction currencies. It also enables real-time payments 24/7, including weekends and holidays, which are not feasible with traditional banks.”
“Upon its launch, DeeMoney’s Visa- licensed near real-time payment solution will be one of the fastest ways to send funds to the rest of the world.”
DeeMoney entered a partnership with Ripple in March 2020. The partnership allowed the Thai FinTech giant to utilize RippleNet to provide same-day settlement of cross-border payments into and outside Thailand at a low cost.
It is the second time in the last seven days that a Ripple partner has entered into a partnership with a major global payments giant. Last Tuesday, MoneyGram launched its online remittance platform in Brazil in partnership with Frente Corretora, a Ripple partner.