Airbnb, an online marketplace for lodgings and experiences, has teamed up with Visa to enable its hosts to access their earnings more quickly.
Through Visa’s real-time payments platform, Visa Direct, hosts will have an option to move money from Airbnb to a bank account associated with an eligible Visa debit card.
Ruben Salazar, SVP and Global Head of Visa Direct, said: “Giving people access to money they earned when they earn it is a powerful driver to support communities and the recovery of the global economy.
“Visa Direct capabilities on the Airbnb platform can help improve cashflow for Hosts, allowing them to focus on welcoming travellers eager to explore the world again.”
The announcement comes as the travel industry is experiencing significant challenges at the hands of the pandemic. In the first ten months of 2020, Covid-19 cost the global travel industry a whopping $935bn.
Giving hosts more control
By implementing Visa Direct, Airbnb hopes its hosts will have more control over their finances.
Sam Shrauger, VP of payments at Airbnb, said: “As one of the first travel platforms to enable Visa Direct, this new functionality will help our Host community access their earnings more quickly.
“We are always listening to our Hosts and seeking ways to better meet their needs, and Visa Direct can play an important role in providing faster payouts for Hosts.”
The new solution for Airbnb Hosts is expected to be available over the course of the next year.
The collaboration is the latest in a series of Visa initiatives designed to help its clients access the necessary tools and resources to thrive.
On Tuesday, Visa announced that it is emerging from the Covid-19 pandemic stronger. The company’s CEO Alfred Kelly told analysts that a surge in online shopping has helped Visa beat Wall Street estimates for quarterly profit.
Visa’s total payment volumes rose 11% on a constant dollar basis from a year earlier. This is the company’s biggest jump since the beginning of the pandemic.
It also saw positive growth for credit and card transactions, while debit and ecommerce also grew.