SawasdeeShop Co., Ltd., branded as DeeMoney, Thailand's leading and fastest-growing fintech company specialising in cross-border payments, has announced a partnership with Visa, the world’s leader in digital payments, to integrate Visa Direct solution into DeeMoney’s international payment platform. The partnership will allow DeeMoney to offer its customers near real-time cross-currency payment service using only the recipient’s Visa card credentials to over 170 countries and territories. The move is in line with DeeMoney’s mission to expand its borderless payment product offerings to reach more people, reaffirming its position as Thailand’s leading fintech. The company will launch this new service within 2023.
An API with near real-time push payment capability, Visa Direct is changing how the world sends and receives funds. The solution helps deliver fast, convenient peer-to-peer payments that are seamlessly integrated with customer accounts and cards. Visa Direct provides banks and fintechs, such as DeeMoney, new opportunities to engage with customers through cross-border P2P transactions. Through DeeMoney’s licensed international payment platform, customers can easily send money to friends, families, or businesses by entering the recipient’s 16-digit Visa card number. The funds will then be credited to the recipient’s eligible Visa credit, debit, or prepaid card within 30 minutes. The recipient can use the received funds at any Visa merchant or ATM. When sent to a Visa credit card, the amount is offset against the outstanding balance.
“From the get-go, DeeMoney’s goal has always been making international transfers fast, secure and hassle-free for everyone. We know the traditional method for international transfer takes days to process with the need for documents and sensitive financial information,” explained Mr. Aswin Phlaphongphanich, Chief Executive Officer and Founder of DeeMoney (Sawasdeeshop Co., Ltd.). “With the simplicity, speed, and proven security it offers, Visa is our ideal partner for near real-time payments. This partnership allows our customers to send funds directly to their friends’ or family’s debit card accounts in real-time to more than 170 countries in over 160 transaction currencies. It also enables real-time payments 24/7, including weekends and holidays, which are not feasible with traditional banks.”
“As the world becomes more globalised, we see rising demand for instant, cross-border payments,” said Ms. Rasmegh Srisethi, Managing Director of DeeMoney. “Visa Direct allows our customers to get money where it needs to go thanks to Visa’s global network. At DeeMoney, we seek strategic partnerships that strengthen our core offerings with the goal of bringing more value to our customers with our comprehensive one-stop financial services and solutions tailored to their global lifestyles. Our landmark partnership with Visa marks an important milestone in our effort to foster innovations and build a digital-first financial ecosystem. We are thrilled that our customers will soon experience this breakthrough service.”
Incorporated in 2017, DeeMoney is Thailand’s largest and fastest-growing cross-border money transfer service provider. With an annual average growth rate of 300%, the company offers money transfers and foreign currency exchange services for individuals and businesses through its DeeMoney Neo mobile application and the DeeBusiness Portal. These services allow flat-fee inbound and outbound money transfers to 64/43+ countries. The fintech firm recently announced its readiness to transform into Thailand’s first full-fledged independent neobank with the upcoming launch of its licensed cross-currency e-wallet services in Q1/2023 and its ultimate mission to become a Challenger bank within 2025.
With this significant partnership with Visa, Mr. Aswin is confident that the new service will gain traction and help DeeMoney grow its customer base. “Upon its launch, DeeMoney’s Visa-licensed near real-time payment solution will be one of the fastest ways to send funds to the rest of the world. In the meantime, we will continue to work with leading partners and explore new opportunities to make financial services easier and more accessible for everyone,” the CEO concluded.