To send money, senders in Thailand simply enter a recipient's 16-digit Visa debit card number in T2P's DeepPocket mobile application. The funds will be delivered directly to the recipient in 30 minutes or less , and can then be used at more than 70 million merchant locations worldwide.
"We are delighted to work with T2P to launch Visa Direct and enable efficient money movement through digitised remittance. With the rise of innovative digital payments solutions for digitally-savvy consumers in Thailand, the introduction of Visa Direct will meet their increasing expectations and evolving needs for seamless and secure ways to move money to wherever and whenever they want," said Serene Gay, Group Country Manager for Regional Southeast Asia, Visa.
Taweechai Pureetip, CEO, T2P, said: "With the rise of instant domestic peer-to-peer payment, we have made it a priority to simplify the often-complex world of international money transfer and make it just as convenient, flexible, and secure. To deliver on this promise, we are delighted to be partnering with Visa to enable Visa Direct solution on our DeepPocket application and help family members stay connected financially and globally. In addition to user-friendly application interface, it provides real-time exchange rates so senders and fund recipients will know exactly how much they will be receiving on their Visa debit card."
Digital remittances are gaining traction and popularity worldwide. According to Money Travels: 2023 Remittance Landscape research, between 60 to 70 per cent of surveyed remittance users across North America have used an app-based digital payment method to send or receive money internationally. Only 10 to 15 per cent of surveyed U.S. remittance users rely on cash, checks, and money orders.
In Singapore, a key remittance country on the send side, three in five of surveyed consumers (61%) reported using digital-only means for sending money internationally citing the ease of use and security (53%). According to Visa's latest Consumer Payment Attitudes Study , almost half (48%) of Thai consumers said transferring money digitally is a more secure form of transaction.
By leveraging on the Visa Direct solution in the DeepPocket mobile application, customers can transfer up to USD 2,500 in a single transaction .
"This is a significant milestone for Thailand's payment industry. From a family to an expatriate professional who is looking to send money to their loved ones overseas, Visa strives to create a more inclusive and accessible payment platform for everyone, everywhere," concluded Serene.
Source: Spark Communications