OwlTing and Visa Collaborate for Enhanced Payment Solutions
OwlTing and Visa Collaborate for Enhanced Payment Solutions
OwlTing Group, a well-known name in the blockchain fintech sector, is making strides in the global payment landscape. The company recently announced a strategic partnership with Visa, a leader in digital transactions, to integrate Visa Direct solutions into their services. This collaboration aims to enhance cross-border payment capabilities for both individual and business customers.
What This Partnership Means for OwlTing Users
The agreement places OwlTing in a strong position to provide real-time payment solutions using Visa's extensive network, potentially reaching over 8.5 billion endpoints worldwide. This is an exciting development for users who require instant and secure methods to transfer funds internationally. For instance, OwlPay, OwlTing's hybrid payment solution combining Web2 and Web3 technologies, will soon allow U.S. customers to transfer money seamlessly across various regions.
Two-Phase Integration Strategy
The partnership will unfold in two phases. Initially, OwlTing plans to complete its integration with Visa Direct Account and Visa Direct Card solutions, targeting the end of 2024 for the first phase and the first quarter of 2025 for the second. This strategic roadmap underlines OwlTing's commitment to improving payment processes through technology integration.
Corporate clients can expect to utilize OwlPay for paying overseas partners, while individual users, such as parents supporting students abroad, will find this service accessible, secure, and cost-effective.
Empowering Users for Faster Transactions
According to Darren Wang, Founder and CEO of OwlTing Group, this partnership holds the promise of transforming how funds are transferred globally. Wang expressed excitement about the ability of OwlPay to facilitate payouts in over 160 currencies across more than 190 regions. His vision aligns with creating a new standard in the payments arena.
Improving Access Across Borders
Jakub Petri, Senior Director of Global Visa Direct at Visa, emphasized the shared vision between the two companies. By leveraging Visa Direct's extensive network, OwlTing can provide users with faster and more reliable international transactions, effectively meeting diverse client needs.
Once the first phase is launched, OwlPay will offer the Visa Direct Account solution, enhancing business disbursements, peer-to-peer transfers, and facilitating payments to key regions such as Canada, Argentina, and Mexico.
Aiming for Seamless Cross-Border Transactions
The second phase of integration with Visa Direct Card will empower users to make transactions quickly through credit cards, allowing funds to transfer seamlessly in seconds. This feature aims to simplify payment processes for OwlPay users, ensuring their experience is smooth and effective.
Additionally, OwlTing is strategically positioned to support businesses looking to lower costs while enhancing operational efficiency through its Web3 payment solutions. Consumer preferences show an increasing shift towards digital money transfers, particularly in regions like Brazil, Peru, and Mexico, where remittance services are in high demand.
About OwlPay and OwlTing Group
OwlPay is a hybrid payment solution integrating both Web2 and Web3 technologies, allowing for a variety of payment methods including fiat currencies and stablecoins. This innovative system facilitates real-time transaction processing and supports businesses in reducing operational costs.
OwlTing Group, established in 2010, has grown its footprint in the fintech industry, partnering with global entities to bring resilient payment solutions to life. With offices extending around the world, its mission is to lead the charge in digital payment transformations, ensuring compliance with evolving market standards.
Frequently Asked Questions
What does the partnership between OwlTing and Visa aim to achieve?
The partnership aims to enhance real-time cross-border payment solutions for users, leveraging Visa's extensive payment network.
How will OwlPay improve transactions for users?
OwlPay will allow users to transfer funds seamlessly across regions using Visa Direct, greatly enhancing transaction speed and reliability.
What are the phases of integration planned by OwlTing?
OwlTing's integration with Visa Direct will occur in two phases: the first focuses on the Visa Direct Account solution, followed by the Visa Direct Card in early 2025.
How will this partnership benefit businesses?
Businesses will benefit from cost savings and operational efficiency as well as access to a faster, more reliable payment infrastructure.
Can individual users use OwlPay for transactions?
Yes, individual users can use OwlPay for instant money transfers, especially to support family members studying abroad.
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