Integrating Visa Direct could help remittance players like TransferWise position themselves at the forefront of the crowded digital remittance space. Digital remittances continue to swell, and we their share of the overall remittance space poised to rise from 35% this year to 54% by 2024.
Enabling payments through Visa Direct could help allow TransferWise to ensure it offers an identical feature set to its competitors, which might help it attract customers while allowing it to improve its speed and cost — two features consumers in a remittance product. This, in turn, could bolster customer acquisition and retention, growing the firm's 5 million-user base and £4 billion monthly volume.
For Visa, forging cross-border partnerships and building out Visa Direct will be key to the firm's success. that Visa Direct's volume grew over 100% on an annual basis, with 75% of credentials — a good proxy for users — returning to the platform for multiple transactions. And in Q3, when the service hit 2 billion transactions for the first time, CEO Al Kelly that the brand is trying to build out existing use cases, expand geographically, and add new offerings for the service.
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