What Will Ripple Cross-Border P2P Payouts Do?
DeeMoney will offer near-instant payments to Visa customers in Thailand. Thai fintech giant and Ripple partner DeeMoney have partnered with Visa to integrate Visa Direct into the international payment platform, according to a Bangkok Post report yesterday.
The partnership will allow users to make peer-to-peer payments in more than 170 countries and 160 currencies using only the recipient’s Visa card details. According to the report, Visa claims that recipients will receive funds within 30 minutes of the transaction, unlike traditional payment methods that take days to reach recipients. Apparently, the project will start in 2023.
Despite the promotion of this partnership by XRP influencers, it is worth mentioning that this partnership uses Visa Direct, not Ripple’s On-Demand Liquidity (ODL) service, which uses the XRP Ledger. “With the proven ease, speed and security it offers, Visa is our ideal partner for instant payments,” said DeeMoney CEO Aswin Phlaphongphanich.
“This partnership allows our customers to send money directly to the debit card accounts of their friends or family directly in over 170 countries in over 160 transaction currencies. It also offers 24/7 instant payments, including weekends and holidays, which are not possible with traditional banks.
“Initially, DeeMoney’s Visa-enabled proximity payments will be one of the fastest ways to send money to the rest of the world.”
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DeeMoney entered into a partnership with Ripple in March 2020
The partnership enabled the Thai FinTech giant to use RippleNet to bring one-day settlement of cross-border payments to and from Thailand at a low cost. This is the second time in the last seven days that a Ripple partner has entered into a partnership with a major global payment fund. Last Tuesday, MoneyGram launched an online money transfer platform in Brazil in partnership with Frente Corretora, a Ripple partner.