Visa Direct – the more secure, convenient and cost-effective way for international remittance
With the rise of fintech, banking is no longer confined to a particular place but is something we can do from anywhere. As banking undergoes industry-wide transformation, financial institutions and technology companies are working together to find new solutions that can better address the pain points consumers are experiencing daily – chief among them, international remittance.
As a global leader in digital payment technology, Visa has been rolling out Visa Direct service through our financial institution partners in Taiwan. Visa Direct taps into VisaNet processing capability that facilitates near real-time payments* to consumers and businesses by “pushing” funds into an eligible Visa card account in a safe and convenient way. Just as consumers are used to the speed, security and convenience of Visa payment online and at brick-and-mortar stores, Visa Direct provides the same reliability in international remittance.
Innovation: a world of Visa Direct real-time payment solutions
Visa Direct supports multiple-use cases, including person-to-person payments (P2P), business-to-consumer (B2C) payments such as tax refunds or loan distribution, and small business and commercial payments. Through Visa’s global network, Visa Direct provides a solution to enable businesses and payment-service providers to push funds to Visa cards rapidly, conveniently and cost-effectively across markets and countries.
Faster, safer, and more economical international remittances
Customers can use Visa Direct to remit payments to more than 2 billion Visa cardholders and account holders worldwide. Visa Direct has a single transfer limit of US$2,500 for cross-border P2P money transfers, and can allow participating providers and recipient issuers to offer near real-time payment experiences.*
Visa Direct was built with speed, security, and flexibility in mind, including assurances that the right controls are in place to minimize risks associated with push payments. It enables payments to be sent to any eligible Visa card, through any channel using any source of funds. Visa Direct solves the problem of using cash, checks, and cumbersome remittance applications. The service has no time limitation, and is available year-round.
In Taiwan, Taishin International Bank and Bank SinoPac offer Visa Direct for international remittance. Consumers can register and send money to overseas cardholders through various channels such as internet banking, mobile banking services or ATM.**
* Actual fund availability varies by financial institution and region. Visa requires fast-funds enabled issuers to make funds available to their recipient cardholders within a maximum of 30 minutes of approving the transaction. Please refer to your Visa representative and the Visa Direct Original Credit Transaction Global Implementation Guide for more information.
** Terms and conditions apply