Across the Street, Around the Globe
According to the World Bank, worldwide remittance flows, including those to high-income countries, have reached $534 billion in 2012, and are projected to grow to $685 billion in 2015. The World Bank estimates that developing countries received over $400 billion in remittances in 2012 and this number is expected to grow by 7.9 percent in 2013, 10.1 percent in 2014 and 10.7 percent in 2015 to reach $534 billion in 2015.
Through its network of banks, merchants and cards in market, Visa is poised to tap into this burgeoning market. Whether transferring funds across the street or around the globe, Visa personal payments simplifies the sending and receiving of money through a secure and convenient transfer of funds between Visa accounts.
Visa personal payments eliminate the inefficiencies of cash and checks for payments between individuals, enabling consumers to send and receive funds to any eligible Visa credit, debit, or prepaid account. The service extends the utility of Visa's network from enabling payments at the point of sale, to enabling consumers to pay one another.
Bank customers of participating financial institutions have the option to select a Visa account as the destination for funds when making a personal payment. By simply entering the recipient's 16-digit Visa account and email address or mobile phone number, consumers can send funds directly from their bank account to a recipient's Visa account.
Visa personal payments are already offered by financial institutions outside the U.S. with more than 70 programs around the world.