Paysafe and Visa are deepening their partnership as the payment platform looks to integrate Visa’s real-time push payment platform.
Designed predominantly for industries that require speed of settlement, such as cryptocurrency and FX trading, igaming and others, Paysafe will look to offer Visa Direct to merchants, exchanges, operators and other online businesses in the UK and Europe.
By integrating Visa’s new push payment platform, the collaboration seeks to allow merchants to control its cash flow with tighter control and efficiency.
Paulette Rowe, CEO of Integrated and Ecommerce Solutions at Paysafe, commented: “In some of the sectors we operate in, such as cryptocurrency or igaming, speed of settlement is absolutely central to business success due to the rate at which the industry is moving.
“It is in these specialised industries that, now more than ever, an effective approach to payments can provide a competitive advantage, and steps such as this are likely to help to propel the more emerging industries into the mainstream. We’re therefore delighted to offer Visa Direct as part of our portfolio to enable rapid customer payouts underpinned by a secure and trusted brand like Visa.”
Pre-existing Paysafe customers will be afforded the chance to opt in with Visa’s new payment platform. Users are enabled by Visa Direct to “receive payments within minutes”, providing an easier access to funds whilst also allowing customers to make payment decisions faster with more flexibility.
The new integration allows merchants to access the Visa Direct service through Paysafe’s single point of connection, to enable push payments to eligible Visa cards for domestic payouts, and to eligible Visa cards and accounts for cross-border payments.
Nicky Alexander, Head of Visa Direct, Europe, at Visa added: “At Visa, we’re focused on reimagining how money moves around the world. Through this collaboration with Paysafe, we’re excited to bring a more streamlined customer journey and real-time transfer capabilities to more businesses in the UK and Europe.”