Thunes integrates with Visa Direct’s digital payments network

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Cross-border payments startup Thunes is partnering with Visa, in a move that will add more than 1.5 billion new endpoints to Visa Direct’s digital payments network. This enables many more consumers and small businesses to send money to markets in Africa, Asia and Latin America, where digital wallets are often the default payment method.

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Based in Singapore and San Francisco, Thunes is backed by investors including Insight Partners, GGV and Checkout.com, and has raised $130 million in funding to date. Its payments infrastructure customers include Uber Eats, Grab, MoneyGram, Remitly and Western Union, and it currently processes more than 180 million transactions a year in 130 countries.

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A focus of Thunes are emerging markets where there are a lot of unbanked people. Many people use digital wallets as an alternative to traditional financial services, as they can top-up cash without the need for a bank account or credit card.

CEO Peter de Caluve told TechCrunch that Thunes was created to fix gaps in the payments market’s slow traditional banking infrastructure. He cites research that shows half the world’s population will use a mobile wallet by 2025, but Theunes believes adoption will be faster than that, with its network of 2.7 billion mobile wallets by 2022. connected to the users.

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“Digital wallets are one of the fastest growing financial tools for many small businesses and for unbanked individuals in emerging markets,” said de Caluwe. “Globally three billion people are still deprived or poorly served by the formal economy. For these unbanked individuals in emerging markets, digital wallets are gaining traction as a strong first entry point to the financial system. .

The partnership means that approximately 14,900 financial institutions that are Visa clients can integrate send-to-wallet services for customers, retailers and SMEs through Visa Direct. Visa’s network is now connected to Thunes’ B2B platform, meaning that Visa Direct can reach more than 1.5 billion new endpoints (for a total of 7 billion) and a new network of 78 digital wallet providers already integrated with Thunes. Send-to-wallet is available. ability.

Some examples of how Thunes’ software and APIs are used include connecting Paypal and Paypal Xoom payouts to top mobile wallets in Asia and Africa, including Bangladesh, Indonesia and Kenya, and digital remittances such as Remitly, World Remit and Moneygram. Providing payment facilities for companies. Grab used Thunes’ platform to localize payments, enabling it to accept mobile payment options and give drivers on-demand payments, which gave it an edge over Uber.



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