Peer-to-peer payment platforms like Venmo and Square’s Cash app have altered consumer expectations for the real-time “pushing” of payments. CNBC reports that Visa is partnering with Roswell, Georgia-based Ingo Money to launch Ingo Money QuickConnect, a product that enables merchants and banks to quickly activate Visa’s systems for fast, digital payments to customers.
Push-to-card payments, which involve companies using existing card networks such as Visa to send money to customers, have been increasingly popular. For use cases such as small business loans or insurance payouts in which companies want to send money to customers, push-to-card payments are a welcome and more direct alternative to paper checks or the Automated Clearing House (ACH) network.
On-demand companies such as Uber and Lyft use push-to-card payments to pay wages to independent contractors who prefer faster deposits while fintech companies such as OnDeck Capital to send money to small business owners within minutes.
"There has been significant growth in push payments driven by increased customer demand for instant access to funds. We are excited that Ingo Money, one of our first enablement partners, is helping to maximize Visa Direct's capabilities to create a seamless, integrated push payment solution for end-users through Ingo Money QuickConnect."
Ingo says that this method could replace as much as $33 trillion in paper checks and ACH payments annually. Implementing push-to-card payments requires systems for authentication and payment routing and Ingo offers an integrated payment solution.
"There has been significant growth in push payments driven by increased customer demand for instant access to funds," said Cecilia Frew, senior vice president, Head of Visa Direct North America, Visa, in a press statement. "We are excited that Ingo Money, one of our first enablement partners, is helping to maximize Visa Direct's capabilities to create a seamless, integrated push payment solution for end-users through Ingo Money QuickConnect."
"We've heard time and again from customers that they need to deploy a push-to-card payment solution but are intimidated by the time and effort required," said Ingo Money CEO Drew Edwards. "Ingo Money QuickConnect removes the burden and allows a company to almost immediately begin offering real-time payments through Visa Direct, while retaining the ability to easily expand the solution later to include payments to online wallets like PayPal and Amazon or even cash out Moneygram locations."
