Visa Direct real-time payments scheme comes to European market

2 November 2017

Visa After effective implementation of its new real-time payments scheme in a host of countries across the globe, Visa eyes to introduce its Visa Direct in Europe. Visa Direct is a new format of performing transactions directly from person to person (P2P), business to consumer (B2C) and business to business (B2B), enabling fast movement of funds from one card account to another card account.

To effect the massive release across Europe, Visa has entered into a deal with Worldpay, a London-based global payments provider, to create opportunities for the merchants to make real-time transactions with consumers. Visa is also providing its dedicated Visa Direct API library, allowing financial institutions and technology partners to seamlessly connect to its solution.

According to the official statement made by Visa, issuers in Europe should comply with the mandate published by Visa, requiring them to shift to real-time payments by October 2018.

Other markets around the world, where Visa experienced a strong success with its Visa Direct platform, show that the volumes increased by 75% as compared to the figures recorded in 2016. In the United States Visa Direct is adopted and used by a wide range of payment providers, including PayPal, Braintree, Square Cash, and Stripe.

Speaking for Visa Europe, Mike Lemberger noted that Visa Direct being a proven solution for technology companies, business owners and financial institutions features a high level of cost-efficiency and helps them meet the growing demand for real-time payments.

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