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Thunes and Visa Strengthen Partnership to Enhance Cross-Border Payments in Asia and Africa

Visa, the global leader in digital payments, and Thunes, a prominent Singapore-based cross-border payments company, have announced an expansion of their strategic partnership. This collaboration aims to extend their reach and improve payment services across Asia and Africa, targeting emerging markets and leveraging digital wallets for broader financial inclusion.

Background on Thunes

Thunes, established in 2016, is a global leader in cross-border payments, providing a pivotal platform for businesses and financial institutions to facilitate seamless and instant money transfers across borders. With a mission to bridge the gap in the global payment infrastructure, Thunes has developed a vast network that supports transactions in 84 currencies, covering 133 countries worldwide. This extensive reach is made possible through the integration of over 550 payment methods, including popular digital wallets, bank transfers, and more, catering to a diverse range of payment preferences across different regions.

Headquartered in Singapore, Thunes is strategically positioned in the heart of one of the world’s most dynamic financial hubs, enabling it to innovate and expand its services rapidly across emerging and established markets. The company’s platform is designed to address the challenges of high transaction fees, long processing times, and the lack of transparency that often accompany traditional cross-border payment methods. By leveraging cutting-edge technology, Thunes offers a solution that is not only cost-effective but also provides real-time transaction capabilities, ensuring that businesses and consumers can send and receive payments swiftly and securely.

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Visa and Thunes Enhance Digital Payment Capabilities in Asia and Africa

Expanding Digital Wallet Access

The enhanced partnership focuses on increasing the accessibility of digital wallets and bank accounts, allowing payments to over 108 digital wallet types and bank accounts in key markets, including Kenya, the Philippines, Indonesia, and Pakistan. This initiative is part of Visa’s strategy to tap into the $200 trillion global money movement market, which encompasses B2B, B2C, P2P, and government disbursements.

Visa Direct’s Push-to-Card Capability

A significant feature of this collaboration is the integration of Visa Direct’s push-to-card capability, which facilitates payouts to eligible Visa cards and accounts across more than 190 countries and territories. This feature aims to streamline the payment process, making it faster, more secure, and more transparent for users worldwide.

The Rise of Digital Wallets

Digital wallets are becoming increasingly popular due to their convenience, speed, and security. Projections indicate that more than 60% of the world’s population will use digital wallets by 2026. The partnership between Visa and Thunes aims to capitalize on this trend by enhancing the interoperability of mobile wallets, thereby optimizing payments for consumers and businesses alike.

Previous Collaborations and Investments

The partnership between Visa and Thunes began in October 2022, with the initial goal of extending Visa Direct’s reach to 1.5 billion wallets. Visa also participated as a key investor in Thunes’ Series C extension round in July 2023, highlighting the strategic importance of their collaboration.

Strategic Benefits and Future Prospects

  • For Visa: This partnership allows Visa to broaden its payment ecosystem, connecting to bank accounts, cards, and wallets globally. It aligns with Visa’s mission to enable partners to move money seamlessly from any endpoint to any other endpoint.
  • For Thunes: Collaborating with Visa not only provides financial investment but also enables Thunes to engage with Visa’s networks and payment methods. This partnership is expected to unlock new opportunities for B2B cross-border payments at scale.
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Conclusion

The expanded partnership between Visa and Thunes marks a significant step forward in enhancing the global payment infrastructure, particularly in emerging markets in Asia and Africa. By leveraging digital wallets and improving the interoperability of mobile payment systems, the collaboration aims to facilitate more efficient, secure, and inclusive financial transactions across the globe.

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