TORONTO - Visa Inc (NYSE:V). has partnered with the Canadian Imperial Bank of Commerce (CIBC) to launch a new feature that enables near-instant remittances to digital wallets around the world, with an early rollout expected this year.
The new service, which leverages Visa Direct, will initially focus on key global locations, including the Philippines, a country where digital wallets are becoming increasingly prevalent.
CIBC's enhanced Global Money Transfer service, which notably carries no transfer fees, is designed to cater to the evolving needs of Canadians who require more efficient and cost-effective ways to send money abroad. By expanding this service, CIBC aims to also support unbanked populations in emerging economies, recognizing the significance of digital wallets in these regions.
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