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DeeMoney will provide nearly instant cross-border payments to Visa users in Thailand.
DeeMoney, a renowned Thai FinTech startup and Ripple partner, has teamed with Visa in order to connect Visa Direct with its worldwide payments network.
Through this partnership, customers will be able to send cross-border payments to over 170 countries in 160 different currencies almost instantly using only the recipient's Visa card information. In contrast to conventional cross-border payment methods, which take days to reach the recipients, Visa claims that recipients will get monies within 30 minutes after the transaction.
A noteworthy date for the service's debut is 2023
Even though this relationship has been promoted by XRP influencers, it is important to note that it does not use Ripple's On-Demand Liquidity (ODL) service, which makes use of the XRP Ledger. Instead, it uses Visa Direct.
Aswin Phlaphongphanich, CEO of DeeMoney, said "Visa is our ideal partner for near real-time payments with the simplicity, speed, and proven security it delivers." "Thanks to this agreement, our customers may instantly send money to friends' or family members' debit card accounts in more than 170 different countries using more than 160 different transaction currencies. Additionally, it permits real-time payments around-the-clock, on holidays and weekends, which are not possible with conventional banks.”
One of the quickest methods to transmit money to the rest of the globe will be DeeMoney's near real-time payment service, which is Visa-licensed.
In March 2020, DeeMoney partnered with Ripple. Through the agreement, the leading Thai FinTech company was able to offer cross-border payments into and outside of Thailand with low-cost same-day settlement using RippleNet.
A Ripple partner has partnered with a significant global payments firm for the second time in the previous seven days. In collaboration with Frente Corretora, a Ripple partner, MoneyGram launched its online remittance platform in Brazil on Tuesday.
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