The COVID-19 crisis has sped up the adoption of digital payments, part of a transition that Visa Inc. argues could help it tap opportunities worth many times more than the market for retail payments.
Visa Direct makes use of the company’s card rails to send payments almost in the reverse of how transactions usually take place. Consumers are familiar with using their cards to pay for things, but Visa Direct makes it so people can use the company’s infrastructure to get paid themselves, whether by employers, friends, government agencies, insurers, or other parties. Its growth has been “like a rocket ship,” McInerney said, with 3.
In Russia, where customers can’t usually add tips on top of card payments because most transactions take place with a contactless card tap, a popular booking service in the beauty industry is using Visa Direct to let customers leave tips through its platform, McInerney said. Ellis hailed the Visa Direct technology and a similar iteration from rival Mastercard Inc. MA, -1.56% called Mastercard Send as “the single most disruptive new capability the networks have rolled out in the past decade, at least.”
Visa recently announced that it would soon start allowing financial institutions to settle transactions with Visa in stablecoins, a type of digital currency, which the company said would allow its partners to receive payments from Visa in digital currencies and pay their merchant customers that way if they wanted.
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