Following this announcement, this agreement is expected to provide OwlTing an opportunity to potentially reach over 8.5 billion endpoints in Visa’s payment network across the world. With Visa Direct, OwlTing is also set to allow its US clients to transfer money securely and efficiently across regions through OwlPay, its Web2, and Web 3 hybrid payment tool. The process is expected to happen in two phases of integration of the company’s payment solutions with Visa Direct services, as the collaboration will also enable OwlPay to support payouts in over 160 currencies to more than 190 regions around the world once fully integrated.
Throughout this collaboration, corporate users who need to pay their business partners overseas or individual customers (such as parents who want to transfer money to their children studying abroad) will have the possibility to leverage OwlPay as a fast, secure, and cost-effective tool in order to make money transfer transactions.
After completing the first phase of the integration, OwlPay is set to be enabled to utilise Visa Direct Account solution in order to meet its various client needs, including peer-to-peer (P2P) transfers and cross-border business disbursement. Furthermore, users in the region of the US will have the capability to send money from their bank accounts or debit cards via OwlPay to proceed with payouts to 26 key areas in the Americas, Asia, and Europe.
In the next phase of the integration, OwlPay aims to expand its solution through the Visa Direct Card tool in order to allow clients to use credit cards to initiate cross-border transactions that could clear quickly and securely. The incorporation will also make it easier for OwlPay users in the US to transfer money directly to eligible bank accounts, cards, and wallets in even more countries and regions across the globe.
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