Ripple or No Ripple? TransferWise Joins Visa's Real-Time Payment Solution for Global Remittances

  • The latest company to join Visa’s real-time payments platform Visa Direct that simplifies and drives costs down in the global remittance space is TransferWise.

The major money transfer service has joined the expanding partners’ list of Visa Direct that processed 2 billion transactions in 2019. The idea behind Visa Direct is to make sending money as “as easy as sending a text message.” Kristo Käärmann, CEO and co-founder of TransferWise said,

“TransferWise is on a mission to move money around the world in a cost efficient, quick and transparent way.”

“Integrating Visa Direct further eases the transfer process and brings us another step closer to achieving our mission.”

TransferWise will launch the Visa Direct-powered service in Spain, with plans to follow up in Bulgaria, Czech Republic, Hungary, and Romania and then scale it throughout Europe and worldwide in 2020.

Visa Direct allows for safe, convenient, and real-time funds delivery to financial accounts via card credentials.

Unimpressed by Ripple’s Partner Network

About a year back, TransferWise indicated excitement over the growth of Ripple’s global payment solution but said blockchain has its own set of challenges.

At that time, TransferWise chairman and co-founder Taavet Hinrikus said,

“If every bank in the world was going through the Ripple network, it would be amazing. Yet how many banks are using Ripple today in production? It’s a very short list.”

Ripple’s partner list has now increased to 300 but TransferWise still might not have any plans in the near future.

Ripple Partners Working with Visa Direct

Visa Direct’s growing partners’ list also includes Ripple members. As we reported last week, MoneyGram expanded its service to Span and the Philippines and is planning to launch in additional countries in the coming months.

This partnership had a successful launch in the US where 50% of users are brand new to MoneyGram. Moreover, indicators show custom retention rates outperforming expectations.

Before MoneyGram, last month, Ripple partner Nium that joined RippleNet in February 2018 and was the first one ODL to settle transactions between US dollar and Mexican peso, partnered with Visa Direct.

Interestingly, Earthport, a cross-border payment company that joined Ripple in 2014 was acquired by Visa earlier this year.

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