Visa Inc. has announced a collaboration to enable near real-time payment solutions for disbursing electronic funds to a prepaid card. As a result of the agreement, Obopay will offer its partners the ability to disburse funds from their corporate account directly onto a Visa prepaid card which they can provide to a payee. The capability can benefit a range of industries including insurance, payroll, rebates, incentives, business expenses, government disbursements or any other bulk payment need, and can be particularly valuable in situations in which recipients have an immediate need for funds.
David Schwartz, VP, Product & Corporate Marketing, Obopay said, “By introducing a Visa prepaid card solution, Obopay offers near real-time disbursement capabilities that allow our customers to avoid the time delay of issuing cash or check. Adding Visa prepaid cards to Obopay Disbursements enable our partners to send funds to any consumer in the U.S. at dramatically lower costs compared to issuing checks while they can also greatly increase the satisfaction of customers.”
Brian Triplett, Head - North America Prepaid Products, Visa Inc. said, “The agreement with Obopay aligns with Visa's vision to accelerate the shift to electronic payments, extending the benefits of digital currency to more people and making disbursements more convenient, secure and reliable. Today, many businesses are using Visa prepaid cards to reduce costs and exposure to check fraud, while creating a better experience for disbursement recipients, including those who do not have access to checking accounts.”
