Visa and Currencycloud, an enterprise-class payments platform, have announced a partnership to further drive innovation in cross-border and travel payments.
Visa customers, banks, and FinTech partners will now have the option to use Currencycloud's cloud-based payments platform to offer customers high-demand services such as multi-currency wallets and real-time notifications about foreign exchange transactions. Visa account holders will be able to better manage their international travel through improved visibility and control of their balance.
“ Today, one in five payments is an international transaction, whether from a consumer traveling internationally or a purchase from an international online seller ,” says Charlotte Hogg, CEO Europe of Visa. “ Our goal is to continue to help and match our customers in this growing demand for simpler and more convenient cross-border payments and to facilitate the management of Visa account holders’ balances while traveling. Our partnership with Currencycloud will allow our customers to do just that, offering an innovative, competitive and digital solution that ultimately gives consumers and account holders greater control over digital payments, at home and abroad .”
“ Currencycloud exists to eliminate the complexity of international payments ,” says Mike Laven, CEO of Currencycloud. “ Banks are under increasing pressure to provide better user experiences in an increasingly connected world, and our partnership with Visa will allow us to deliver this at scale. Our APIs provide control and visibility of international transactions; this power, combined with Visa’s reach, will allow a new generation of consumers to benefit from a better experience when making payments abroad .”
The international payments market continues to grow, and by 2020, cross-border e-commerce is expected to reach US$900 billion, representing more than one-fifth of the global e-commerce market. The Visa and Currencycloud partnership will focus on offering solutions that eliminate barriers to how, where, and when consumers can pay abroad, giving travelers peace of mind when using their Visa card.
The initial focus of the partnership will involve making the Currencycloud platform available to enable the pre-purchase of travel currency or real-time notification of exchange rates when a Visa account holder uses their card abroad.
