Visa and Thunes recently announced that they have deepened a relationship the firms began in 2022, so that Visa will now harness Thunes’ network to provide Visa payouts to 108 wallet types worldwide, expanding the card network’s reach in Kenya, Indonesia, the Philippines and Pakistan. Visa expects the collaboration will extend Visa Direct to an additional 60 global wallets by the end of 2024, according to a press release.
Thunes, a business-to-business fintech that provides payment infrastructure for banks, digital merchants, platform providers, marketplaces and other businesses, has agreed to use Visa’s global payment rails to offer its customers new push-to-card capabilities in 190 countries so that Thunes can issue payouts to any recipient with a primary account number. Previously, Thunes issued payouts to bank accounts and wallet connections, but the expanded collaboration with Visa enables Thunes to reach more types of user accounts.
On another front, Visa Cross-Border Solutions, the card network’s cross-border payments arm, last month announced a deal with U.K.-based international remittance firm LemFi to expand an existing partnership. LemFi designated Visa its primary partner in facilitating cross-border transactions, enabling LemFi to extend remittance services to China, India and Pakistan, according to a press release. Through this partnership, Visa gains the capability to issue debit and prepaid cards to more than 250,000 consumers in the U.K. and EMEA regions. The firms plan to collaborate further to reach other countries, the release said.
Those moves followed Visa’s March 5 announcement of a seven-year agreement with Western Union that will enable the remittance firm’s customers to send funds to recipients’ Visa cards and bank accounts in 40 countries. The deal includes card issuance and will harness Visa Direct and risk-management services, according to a press release.
Also, Visa’s Currencycloud unit in late March announced an expansion of its relationship with the London-based global fintech Paysend. The firms’ goal is to boost Paysend’s foreign-exchange and treasury capabilities and streamline cross-border flows across the U.S., Europe and the Middle East and the Asia Pacific regions, Visa said. Paysend users will gain access to Currencycloud’s wallets that hold up to 34 currencies within the same app.
