Payments platform Paysafe is growing its relationship with Visa to continue the integration of the real-time push payments solution Visa Direct.
Paysafe will offer Visa Direct to merchants, exchanges, operators and other online businesses in the U.K. and Europe when speed of settlement is central, like in FX trading, cryptocurrency or online gaming.
“In some of the sectors we operate in, such as cryptocurrency or iGaming, speed of settlement is absolutely central to business success due to the rate at which the industry is moving. It is in these specialized industries that, now more than ever, an effective approach to payments can provide a competitive advantage, and steps such as this are likely to help to propel the more emerging industries into the mainstream, Paulette Rowe, CEO of integrated and eCommerce solutions at Paysafe, said in a press release on Tuesday (May 3).
In Canada, for example, gig workers embrace real-time payments and have come to expect the service since their workdays are often unpredictable. Jim Filice, vice president and head of new payments at Visa Canada, told PYMNTS in March that the gig economy is a natural fit for real-time payments.
Headquartered in London, Paysafe offers Visa Direct to give its customers quicker access to their money, enabling more flexibility and the ability to make faster spending decisions. The integration gives merchants more control over their cash flow with a single point of connection, to enable push payments to eligible Visa cards.
“At Visa, we’re focused on reimagining how money moves around the world. Through this collaboration with Paysafe, we’re excited to bring a more streamlined customer journey and real-time transfer capabilities to more businesses in the UK and Europe,” said Nicky Alexander, head of Visa Direct, Europe, at Visa.
Paysafe’s annualized transactional volume last year was more than $120 billion. In business for more than 20 years, the company has a workforce of about 3,500 employees in more than 10 countries.