More than 1.5 billion endpoints will be added to the Visa Direct digital payments network as a result of the partnership between Thunes and Visa. Digital wallet are often the default payment method in markets in Africa, Asia and Latin America.
The company is backed by investors including Insight Partners, GGV and Checkout.com and has raised $130 million in funding to date. More than 180 million transactions a year are processed by its payments infrastructure, which is used by companies such as Grab and Western Union.
There are a lot of people without bank accounts in emerging markets. Digital wallet is an alternative to traditional financial services since they can top-up cash without a bank account.
According to Peter De Caluwe, Thunes was created to fix gaps in the payments market. According to research, half of the world's population will use mobile wallet by 2025, but according to Thunes, adoption will happen faster than that, with its network connected to 2.7 billion mobile wallet users by 2022,
De Caluwe said that digital wallet are one of the fastest growing financial instruments for many small businesses. The formal economy leaves three billion people out. Digital wallet are gaining traction as an empowering first entry point for unbanked individuals in emerging markets.
About 14,900 financial institutions that are Visa clients will be able to integrate send-to-wallet services through Visa Direct. Visa Direct can reach more than 1.5 billion new endpoints and 78 digital wallet providers will get a new send-to-wallet capability as a result of the new connection to the B2B platform.
Some examples of how Thunes' software is used include connecting top mobile wallet in Asia and Africa and facilitating payments for digital remittance companies like WorldRemit and MoneyGram. It was able to accept mobile payment options and give on-demand payouts to drivers due to the use of the Thunes platform.
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