Visa is stepping up the pace of real-time payments. Starting in April 2024, the company’s Visa Direct platform will allow funds sent to eligible US bank accounts via debit cards to arrive in under a minute.
Reaching Millions of Users Quickly
Visa Direct, which already connects to 99% of US bank accounts and more than 11 billion endpoints globally, aims to redefine how consumers, businesses, and governments handle funds in real time.
Versatile Applications
The faster money movement will support a wide range of use cases, including:
- Splitting bills with friends.
- Moving funds between personal accounts.
- Receiving insurance payouts or earned wages.
- Enabling real-time disbursement for government benefits and healthcare payments.
The innovation could also be game-changing for industries like food service, where faster tip payouts enhance employee satisfaction, or in emergency services, where quick access to funds is essential.
Visa‘s Commitment to Innovation
Jim Filice, Vice President and Head of Real-Time Payments at Visa Direct, emphasized the importance of this upgrade:
“At Visa, we are constantly striving to innovate and provide the best possible money movement experiences. This update will significantly enhance speed and convenience, while maintaining strong security standards.”
Future Benefits
This real-time capability is expected to improve efficiency for both consumers and institutions, enabling faster and more reliable financial operations on a global scale.