PYMNTS MonitorEdge May 2024

Visa Direct and RevoluPAY Team on P2P Payments

Visa

Visa Direct and RevoluPAY teamed to offer peer-to-peer (P2P payments) via RevoluPAY’s RevoluSEND.

The solution is operational in the European Economic Area via Visa’s global network and RevoluPAY’s technology and license. It comes during an increasing desire among consumers for digital payments and seamless money transfers, according to a Tuesday (Dec. 12) press release.

“Our alliance with Visa goes beyond being merely a partnership; it is a commitment to continue providing secure, innovative and nearly real-time payment solutions to our customers and white-label partners,” Gavin McMillan, CEO of RevoluPAY’s parent RevoluGROUP, said in the release.

PYMNTS Intelligence found that P2P transfers are on the rise, with the share of consumers who said they had made such a transfer in the prior 30 days increasing from 27.5% in December 2021 to 34.5% as of March 2023

“The value of transfers has also increased over the same timeframe, as our analysis finds amounts sent were in the range of $190 in late 2021, spiking to nearly $300 in March 2022, and hovered in the range of $234 on average in March 2023,” PYMNTS wrote in April.

Meanwhile, services like PayPal and Zelle are both enjoying rising transaction volumes and payment volumes.

“The general increased money mobility when it comes to P2P payments, along with the reported increase in commercial use by major sector players, may imply that P2P as a payment option is becoming more integrated into transactions involving businesses,” PYMNTS wrote in August. “No longer exclusively used to split a restaurant bill between friends, P2P may be coming into its own as a payment option for nearly all consumer-facing transactions.”

Visa reported in October that Visa Direct saw 7.5 billion transactions for its most recent quarter, up 19% year-over-year, with the “wallet reach” of the payment method coming to more than 2.5 billion.

Asked during an earnings call about what could be driving Visa Direct transactions, CEO Ryan McInerney said there has been strength in remittances.

As for where new flows might come from, he added: “We’re focused on bill payments. We’re focused on earned wage access. We’re focused on insurance disbursements. We continue to focus on P2P more broadly in new geographies around the world, both domestic and cross border.”