FOSTER CITY, Calif.—Visa is partnering with Ingo Money to launch a product for merchants and banks to quickly get onto the payment network's systems allowing fast digital payments to customers.
It's the latest sign of the rise of push-to-card payments, where companies use existing card networks to push money to customers, reversing the traditional flow of dollars, CNBC said.
“In cases where companies want to send money to customers—say, a small business loan or an insurance payout—the method replaces paper checks or the decades-old Automated Clearing House (ACH) network, sending money over debit card rails directly into users' checking accounts,” CNBC said.