Weekly Newsletter

27 March 2024

Weekly Newsletter

27 March 2024

Thunes agrees expanded strategic partnership with Visa

Deal builds on existing collaboration between Visa and cross-border payments company that dates back to 2022

Douglas Blakey March 21 2024

Thunes is to deepen its strategic collaboration with Visa to enable new endpoints in key markets across Asia and Africa.

The new collaboration includes Visa tapping into Thunes’ network to send payments to over 108 digital wallet types and bank accounts throughout countries in Africa and Asia, including Kenya, the Philippines, Indonesia and Pakistan. In addition, Thunes is implementing Visa Direct’s push-to-card capability. This enables payouts made to eligible Visa cards and accounts across 190+ countries and territories.

Visa invests in Thunes’ Series C funding round

This latest initiative builds on existing collaborations between the two companies. Visa and Thunes first partnered in October 2022 to extend Visa Direct’s reach to 1.5 billion wallets. In addition, Visa was a key investor in Thunes’ Series C extension round in July 2023.

Visa projects a $200trn market for global money movement flows, inclusive of B2B, B2C and P2P and government disbursements.

It is expanding its collaboration with Thunes to enable payouts to digital wallets and bank accounts as a core part of its plan to achieve that growth.

Digital wallets are an easy-to-use, rapid, and secure payment method surging in popularity. More than 60% of the world’s population is expected to use them by 2026. A growing number of banks, including CIBC in Canada, are working with Visa to add cross-border payout capabilities to digital wallets. Increasingly, these financial institutions see mobile wallet interoperability as a vital way to optimise payments to consumers and business customers.

Broadening the payment ecosystem

“At Visa, we’re building the infrastructure to enable our partners to move money from any endpoint, to any endpoint, seamlessly. Broadening both our reach and number of endpoints, more than 8.5 billion today, is crucial to achieving that goal,” said Chris Newkirk, Global Head of Commercial & Money Movement Solutions at Visa.

“Together with Thunes, we’re broadening the payment ecosystem by connecting to bank accounts, cards, and wallets, ultimately bringing more streamlined payouts capabilities to our joint clients.”

Floris de Kort, CEO of Thunes, added: Our partnership with Visa is more than just a financial investment. We’re engaging with each other’s networks, corridors and payment methods as payments continue to digitise. There is a crystal clear, untapped opportunity for B2B cross-border payments at scale, and Thunes is delighted to work with Visa to enable these new payment flows.

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