ABA launches instant money transfers with Visa Direct
To offer a better mobile banking experience, ABA Bank enables the next generation of cross border money transfers through Visa's real-time payment platform, Visa Direct. From June 23, 2020, ABA Mobile users who hold ABA Visa cards can send or receive money instantly between nine ASEAN countries.
Visa Direct is a payment network of Visa Inc. for peer-to-peer (P2P) transactions that allows ABA Visa cardholders to make payments or transfer funds almost instantly from the ABA Mobile app to other Visa cards issued by banks in Cambodia, Thailand, Vietnam, Laos, Myanmar, Malaysia, Singapore, Indonesia, and the Philippines.
Through this service, customer can transfer up to US$ 2,500 in a single transaction and up to US$ 10,000 per month at competitive fees.
“Our successful and long-term cooperation with Visa has introduced numerous innovative payment initiatives in the past. Visa Direct will be a game-changer as it works almost in real-time with very reasonable fees and all it needs is a 16-digit Visa card number that gets funds transferred across the borders. We are working to expand this service to more countries knowing it will surely create more demand amongst our customers in the near future,” said Sanzhar Abdullayev, Chief Card and E-Payments Officer of ABA Bank.
Visa Country Manager for Cambodia, Monika Chum said, “At Visa, we’re proud to be contributing towards the global expansion of Visa Direct to make digital payments faster and more accessible for both consumers and merchants. Implementation of Visa Direct enables simple and effective peer-to-peer payments and gives merchants a low-cost method of receiving payments directly from consumers”.
"We’re happy to be partnering with ABA to expand and evolve the use of digital payment methods in Cambodia and look forward to seeing continued regional adoption of modernized payments at a time when businesses and communities need it most,” she added.
The new experience of convenient digital money transfers via Visa Direct is available in the ABA Mobile app for both iOS and Android platforms. For more information on the feature, please visit Visa Direct Transfers page.