A platform combining Visa Direct and Authvia’s messaging commerce capabilities is poised to revolutionize payouts in various industries beyond the gig economy. This new service enables recipients to receive funds via text message directly to their Visa card.
Critical Payout Process
Payouts form a crucial part of business operations across numerous sectors, yet they often take a backseat to payment acceptance due to the emergence of newer payment methods. In fields such as healthcare and insurance, this imbalance has led to reimbursements being processed through cumbersome manual procedures.
The current system relies heavily on paper checks, which can take weeks to reach recipients and pose significant risks of delay or fraud. As a result, companies in industries where payouts are prevalent—such as healthcare, insurance, automotive services, and the gig economy—are increasingly exploring more efficient real-time payment solutions.
Benefits and Risks of Real-Time Payouts
Real-time payouts offer numerous benefits, including reduced administrative work and improved customer satisfaction. However, they also come with heightened risks, such as faster fraud through attack channels like SMS.
The integration of Visa Direct into Authvia’s platform aims to address these challenges while providing a secure and efficient payout solution for businesses and recipients alike.
