Visa is allowing members of its FinTech Fast Track program to join its Visa Direct platform, expanding the program beyond card issuance and giving members access to real-time money movement capabilities. The move comes as Visa seeks to support the progress of fintechs, which the company sees as a vital growth engine for the payments industry. The expansion lets FinTechs launch programs through their financial institutions to allow for transfers to eligible cards, bank accounts, and wallets around the world.
Visa Direct supports person-to-person payments and account-to-account transfers, business and government payouts to individuals or small businesses, and merchant settlements and refunds. It offers a single point of access and has reach to over 8.5 billion endpoints capability, including 3+ billion cards, 3+ billion accounts, and 2.5+ billion digital wallets.
The importance of real-time payments has been highlighted in various sectors, including the construction industry. Payment delays in the construction world contribute to an overall increase in costs, with general contractors and subcontractors increasing their bids to make up for late payments. Additionally, instant payments are seen as vital in the business-to-business (B2B) realm, as they allow for faster cash flow and open up opportunities for different business models.
