Tech UPTechnologyPerson-to-person payments are a reality in Colombia with Visa...

Person-to-person payments are a reality in Colombia with Visa Direct

This payment solution allows transferring funds person to person (P2P), between people and companies (C2B and B2C), and between companies (B2B) in the country.

When at Visa we say that we are committed to a future in which consumers and businesses can receive and make payments from any device connected to the internet, it is because we work with our allies every day because it is a reality.

The arrival of Visa Direct in Colombia marked a milestone in the evolution of the digital payments industry; is the payment solution with global and almost instantaneous acceptance or push payments from Visa that thanks to its flexibility allows transferring funds person to person (P2P), between people and companies (C2B and B2C), and between companies (B2B) in the country .

Colombia is the second country in the Andean Region to have this technology, thus enabling more and better ways to pay anywhere in the national territory. An example of how at Visa we approach innovation as a catalyst to create solutions that make economies stronger and more prosperous . In this case, we are promoting and facilitating digital access for many people, which contributes to the reduction of technological gaps, favors digital inclusion and contributes to creating better opportunities by connecting more people.

Visa Direct is much more than enabling an electronic transaction. What makes it truly special is that it transforms the payment experience of users, since fund transfers are made almost instantaneously , between Visa cards from authorized banks, without having to wait several days for them to be settled and completed. other processes, since the owner of the account is the one who sends the money directly instead of requesting the bank to debit the funds.

This responds to our commitment at Visa to transform Colombia by connecting more and more people through digital payments and, in turn, to collaborative work with other actors in the payments ecosystem to contribute to the strengthening and implementation of innovative solutions for according to consumer needs.

In fact, according to the third round of Visa’s study on Consumer Preferences during Covid-19 in Latin America and the Caribbean published in February 2021, 78% of consumers plan to use new payment technologies in the future that generate higher profits and improve your experience . Visa Direct’s functionalities respond to this demand, a technology that also grew 60% globally in the second quarter of fiscal year 2021.

The main benefits are: greater control by keeping a record of where money is spent, more security by eliminating the need to carry cash and incorporate our sensory branding , and keeping funds electronically protected by passwords and protocols and quick access to funds with the ability to pay or receive payments remotely and have funds available immediately.

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We celebrate the arrival of Visa Direct in Colombia with the help of one of our allies, Credibanco, and we hope that more players will be able to implement this technology that is available to everyone in the country.

Together we can continue to innovate and build solutions that empower people and contribute to the economic transformation of the country.