- Starting in April, Visa Direct will allow real-time deposits to bank accounts linked to eligible debit cards in under 60 seconds, reaching 99% of U.S. bank accounts and over 11 billion endpoints globally.
- The update will streamline various use cases, including bill splitting, insurance payouts, and government benefits, while enhancing speed, convenience, and security for consumers, businesses, and governments.
What happened: Visa Direct to enable 60-second payments
Starting in April, Visa will roll out an update to its Direct real-time money movement platform, enabling consumers, businesses, and governments to deposit funds into bank accounts linked to eligible debit cards in under 60 seconds. Visa Direct already reaches 99% of U.S. bank accounts and over 11 billion endpoints worldwide, including cards, accounts, and digital wallets. The new functionality will support a variety of use cases, such as splitting bills, transferring money between accounts, receiving insurance payouts, and accessing earned wages. It could also improve the disbursement of government benefits, streamline healthcare payments, and simplify tipping in the service industry, offering more efficient real-time transactions. Jim Filice, VP of Visa Direct, emphasized the platform’s commitment to enhancing speed and convenience while ensuring strong security standards. This update aims to provide faster, more efficient payment solutions for both consumers and businesses globally.
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Why it is important
Visa Direct’s update to enable real-time bank deposits in under 60 seconds is a major advancement in the world of payments, offering significant benefits to consumers, businesses, and governments. By streamlining fund transfers to bank accounts linked to debit cards, Visa Direct addresses the growing demand for faster, more efficient financial transactions. With 99% of U.S. bank accounts and over 11 billion global endpoints already supported, the platform ensures widespread accessibility and ease of use.
The new functionality will be particularly impactful for everyday financial activities, such as splitting bills, transferring money between accounts, and receiving insurance or wage payouts. Additionally, it enhances the disbursement of government benefits, healthcare payments, and tipping in the service industry, enabling real-time processing that improves operational efficiency. This shift will benefit both consumers and businesses by reducing delays and improving cash flow.
Visa’s commitment to maintaining security while boosting speed highlights the company’s focus on creating faster, more reliable money movement solutions for a digital-first economy.
