Visa and Pecunpay launch Visa Direct to make it easier for people to send and receive money instantly
Visa, one of the world’s leading companies in digital payments, alongside Spanish Fintech Pecunpay, have announced the launch of Visa Direct, a new solution that will allow Pecunpay customers to send and receive money instantly. Consumers will be able to use the soon-to-be-launched Visa Direct, not only in Spain, but also in the European Economic Area thanks to Visa’s global network and Pecunpay’s license.
This new solution comes at a time when consumers are increasingly turning to digital payments and demanding new methods and devices for sending and receiving their money. A case in point: almost 40% of Spaniards admit to having used their cell phone to make a payment on at least one occasion, according to data from Visa and Pecunpay. With this in mind, Visa is constantly breaking ground in order to create new and future payment methods and channels that are better and more accessible to everyone, thus facilitating new flows of money to connect and empower consumers.
Some of the main benefits of Visa Direct in this regard is its instantaneity thanks to how it allows the movement of money between two people in a swift and straightforward manner. Another major benefit is the security offered in each transaction, thanks to being backed by Visa network and technology, as well as the option of sending and receiving international money, making it a pioneer in allowing this type of transaction outside of Spain.
Pecunpay customers can find this new Visa Direct functionality inside the banking application itself. All they need to do to send a payment is fill out a form entering the 16 numbers from the card that they wish to make the payment from and accept the transaction. Visa Direct will then allow them to send and receive money thanks to real-time payment technology to send gifts, split costs and help relatives located outside of Spain, for example, guaranteeing an efficient and secure payment experience.
“Consumers are demanding speedier solutions for sending and receiving money that are easy and safe to use. Visa Direct is proof of how we at Visa are at the forefront of developing the most innovative technology in the sector, with the aim of facilitating the movement of money between people and, above all, offering consumers different forms that adapt to their day-to-day needs. According to Eduardo Prieto, General Director of Visa in Spain, “We are therefore very proud to launch this new solution in Spain hand in hand with a disruptive partner such as Pecunpay”.
“Incorporating Visa’s instant money transfer solution, Visa Direct, is a very important step in Pecunpay’s business strategy, allowing us to offer all our value-added services emission programs”, added Antonio Garcia Cruz, CEO of Pecunpay. “More specifically, Visa Direct responds to one of the main demands of users, the option of sending money to family and friends in a practically instantaneous, safe and simple manner regardless of where they are located”.
Pecunpay, the first entity to launch Visa Direct in Spain
The Spanish Fintech will be the first company to provide the person-to-person Visa Direct service in Spain. This sees it joining the ranks of 70 other financial institutions in Europe that already have this platform that allows money to be sent and received in real time between two companies or from companies to people among a range of other uses.
Pecunpay is also developing business-to-person, person-to-business, and business-to-business payments, which will be launched in the coming months.