Visa will launch real-time money transfer in Brazil

The solution will be available not only for people who already have a banking account, but also for the unbanked population

Visa launches instant money transfer in brazil
Visa launches instant money transfer in brazil. Photo: ShutterStock

First announced in 2019 and already available in more than 30 countries, Visa‘s product that allows money transfers in real-time to any banking account related to an active card or to other payment devices will arrive in Brazil, according to information from the Brazilian media outlet Época Negócios.

Available for both business or personal transactions, the users will be allowed to make the real-time transfer by using alternative aspects, such as cellphone number, e-mail, or even social media profiles, which means that it will be more simple than the solutions currently available in the country.

READ ALSO: Visa acquires Plaid, a company focused on connecting banking accounts to financial apps

“The greatest value proposition of this solution is efficiency since the instant transfer will be made 24 hours a day on all days of the week, including holidays. In addition, it allows the unbanked public to also do this type of transaction,” said Olívia Aki, Visa’s Product Director, in an interview for Época Negócios.

To make the product go live Visa will build several partnerships with financial institutions, banks, and companies in Brazil and there isn’t an official launch date yet.

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