The recent development revealed that Ripple’s partner, DeeMoney, has entered a partnership with Visa to incorporate Visa Direct with its international payments platform.
According to the report, the partnership will allow users to carry out near-instant peer-to-peer cross-border payments to over 170 countries in 160 currencies using only the recipient’s Visa card details. Visa said recipients would receive funds within 30 minutes of the transaction, unlike traditional cross-border payment methods that take days to reach the recipients.
DeeMoney And Visa Partnership To Function By 2023
As a matter of precision, the service will come to a full moon in 2023 Despite the promotion of this partnership by XRP influencers, it bears mentioning that this partnership uses Visa Direct, not Ripple’s On-Demand Liquidity (ODL) service, which utilizes the XRP Ledger.
Furthermore, the report stated; “With the simplicity, speed, and proven security it offers, Visa is our ideal partner for near real-time payments,” DeeMoney chief executive officer Aswin Phlaphongphanich said. “This partnership allows our customers to send funds directly to their friends’ or family’s debit card accounts in real-time to more than 170 countries in over 160 transaction currencies. It also enables real-time payments 24/7, including weekends and holidays, which are not feasible with traditional banks.”
“Upon its launch, DeeMoney’s Visa- licensed near real-time payment solution will be one of the fastest ways to send funds to the rest of the world.”
It is worth noting that giant Fintech, DeeMoney, initiated its partnership with Ripple, the leading blockchain, in March 2020. Since then, the former has been using RippleNet to provide same-day settlement of cross-border payments into and outside Thailand at a low cost.