Visa Canada and Repay Holdings Corporation have formed a new partnership in Canada to expand the capabilities of debit card and online payments in the Canadian loans market, beginning with the new solution Instant Funding.
Powered by Visa Direct, Visa’s real-time push payments platform, Repay’s Instant Funding platform allows transactions to be processed on any date or time, instantly transferring the funds from lenders and finance companies to their customer’s Visa Debit or prepaid cards.
This service has already launched in the U.S. and Repay’s chief revenue officer, Susan Perlmutter, says the success of the service here prompted them to move forward with a launch in Canada.
“After a successful launch in the U.S., we are extremely excited to bring our Instant Funding product to the Canadian market,” said Perlmutter in a press release. “Our technology removes the friction and processing delays often associated with traditional fund disbursements and enables lenders to provide fast, convenient and secure funding experiences to their customers.”
Along with this newest solution, the partnership between these two companies is also aimed to move towards solutions that will allow lenders to accept debit cards with much lower than usual fees, even in situations that the card is not present, and online payment for loan repayment, according to Brian Weiner, Visa Canada’s vice president and head of product.
“Widening the acceptance of Visa Debit for debt repayment means more convenience for millions of Canadian Visa Debit cardholders, and efficiencies for lenders and merchants,” he said.
This comes just over a month after Visa partnered with Paypal Holding Inc. to launch Instant Transfer.