- Visa Direct will allow funds to be deposited to US bank accounts linked to eligible debit cards in under 60 seconds.
- The update will improve real-time transactions for consumers, businesses, and governments starting April 2024.
What Happened: Visa Direct enhances real-time transfers with new update
Visa Direct, the real-time payment platform by Visa, is set to transform bank transfers in the US. Starting April 2024, Visa Direct will enable funds sent to US bank accounts linked to eligible debit cards to be available in under one minute. This update will enhance the platform’s real-time money movement capabilities, benefiting individuals, businesses, and governments alike.
With the ability to reach 99% of bank accounts in the US and over 11 billion endpoints globally, including accounts, cards, and digital wallets, Visa Direct is designed to make financial transactions faster and more efficient. The platform supports a range of use cases, such as splitting bills, transferring money between accounts, receiving insurance payouts, and accessing earned wages. Businesses and governments can also leverage this functionality for faster disbursement of benefits, healthcare payments, and service industry tips.
Also read: Visa Direct to enable 60-second bank deposits starting April
Also read: Gamification and banking: Managing your money becomes fun
Why It’s Important
This update is a game-changer for financial transactions, offering unprecedented speed and convenience. The ability to deposit funds in under a minute not only meets the growing demand for real-time payments but also creates new possibilities for businesses and governments. Faster disbursement of wages, insurance claims, and government benefits ensures improved cash flow, operational efficiency, and enhanced customer experiences.
Visa’s innovation aligns with the broader trends in the financial sector, where real-time payment systems are becoming a necessity rather than a luxury. With its vast network and emphasis on security, Visa Direct is well-positioned to lead this transformation. As consumers and businesses increasingly expect immediate access to funds, Visa’s commitment to speed and reliability sets a new benchmark in the payments industry.
