Thunes and Visa deepen collaboration to revolutionize cross-border payments
Thunes, a leading cross-border payments company, has announced an expanded strategic collaboration with Visa, a global pioneer in digital payments, to enhance payment capabilities across Asia and Africa. This partnership marks a significant step towards bridging payment gaps in key markets, facilitating seamless transactions across borders.
Through this collaboration, Visa will integrate with Thunes’ extensive network, enabling payments to over 108 digital wallet types and bank accounts across several countries, including Kenya, the Philippines, Indonesia, and Pakistan. Furthermore, Thunes will incorporate Visa Direct’s push-to-card capability, allowing payouts to eligible Visa cards and accounts in over 190 countries and territories. This integration reflects a concerted effort to streamline global money movement, addressing a market projected by Visa to reach $200 trillion, encompassing B2B, B2C, P2P, and government disbursements.
Digital wallets are becoming increasingly popular, offering a fast, secure, and convenient payment method. With over 60% of the global population expected to use digital wallets by 2026, the demand for cross-border payout capabilities is surging. Institutions like CIBC in Canada are already partnering with Visa to enhance their digital wallet services, recognizing the importance of mobile wallet interoperability in optimizing payments for consumers and businesses.
This initiative builds on the existing partnership between Thunes and Visa, which began in October 2022 with the aim of extending the reach of Visa Direct to 1.5 billion wallets. In July 2023, Thunes announced its Series C extension round, with Visa as a key investor, underscoring the deepening relationship between the two companies.
“At Visa, we’re building the infrastructure to enable our partners to move money from any endpoint, to any endpoint, seamlessly,” said Chris Newkirk, Global Head of Commercial & Money Movement Solutions at Visa. “Together with Thunes, we’re broadening the payment ecosystem by connecting to bank accounts, cards, and wallets, ultimately bringing more streamlined payouts capabilities to our joint clients.”
Floris de Kort, CEO of Thunes, echoed this sentiment, emphasizing the partnership’s role in digitizing payments and unlocking B2B cross-border payment opportunities at scale. “Our partnership with Visa is more than just a financial investment. We’re engaging with each other’s networks, corridors, and payment methods as payments continue to digitize,” said de Kort.
The strategic collaboration between Thunes and Visa is poised to transform the landscape of cross-border payments, facilitating more efficient and inclusive financial transactions worldwide. By leveraging their combined networks and technological capabilities, the two companies aim to deliver innovative payment solutions that meet the evolving needs of businesses and consumers across the globe.