Opening a VisaNet Account

What is Visa Direct?

Visa Direct is a payment service that provides fast and secure real-time money transfers using Visa's global network. It is a payment method that allows a business to transfer money from its account to a customer's account. 

Visa Direct is a popular way for businesses to send money to customers, but it is also used for peer-to-peer (P2P) and business-to-business (B2B) payments. While other similar payment solutions can take up to 24 hours for money to reach the recipient, Visa Direct transactions are designed to be completed almost instantly - up to 30 minutes.

Visa is one of the world's largest payment networks, so using Visa Direct takes advantage of its extensive, global network that enables money to be sent to and received from millions of accounts around the world. World Company Setup provides execution and consulting for businesses and individuals to help scale your business and accelerate the international payment process.

How Visa Direct works

Visa Direct works through Visa cards and the Visa payment gateway.

Initiation: The person or organization wishing to make a payment provides the information required to make a payment through Visa Direct (card number or bank account details).

Transaction Confirmation: The Visa payment gateway receives the transaction information and performs a verification process.The approved transaction is routed to the recipient.

Money Transfer: The approved payment is quickly transferred to the recipient through the Visa network. The recipient receives payment to their Visa card or bank account.

Visa Direct's processing time is usually instant or within a few minutes, which is a great advantage for users.

Key Features of Visa Direct

Visa Direct enables direct payment transfers between cards or directly to a bank account, providing the following key functionalities:

Instant Payments: Visa Direct offers an instant money transfer feature. This allows payment recipients to receive instant payments to their Visa card or bank account. The transaction can be completed within a few seconds.

Sending Money to Visa Cards: Visa Direct makes it possible to send money directly to a Visa card. This is useful for both individual users and businesses. For example, a business can make an instant payment to a Visa card to make a salary payment to an employee.

Sending Payments to Bank Accounts: Visa Direct also makes it possible to transfer money directly to bank accounts. Apart from card payments, transfers to bank accounts can be made through the Visa network. This enables an interbank transaction using Visa's payment infrastructure.

Global Accessibility: Visa Direct makes it possible to transact with cards and bank accounts using the Visa network worldwide. This enables Visa Direct to be used as a global payment solution.

How does VisaNet work? 

Transactions with Visa Direct fall into two categories: money transfers or fund distributions. 

Account-to-account is when a sender transfers money from one account (bank account) to another account (Visa debit card account)

Person-to-person, where one sender transfers money to another person's account

Transfer money from the digital wallet to the cardholder's Visa debit card account

The key advantage of Visa Direct is the fast transfer of money across regions and geographies. With near-instant payments within the already vast Visa debit and prepaid card network, merchants working with global PSPs will be able to ease the burden of costly and time-consuming cross-border payments.

Visa Direct facilitates both push and pull payments, but push payments are the more innovative offering.Visa Direct uses push payments to allow businesses to send funds directly to customers' cards, reducing processing time compared to pull transactions.