To address U.S. consumers' concerns about sharing their bank account details when sending funds overseas, cross-border payments provider
Wise account customers can now initiate a funds transfer online or within the Wise app by sharing a secure payment link with bank account details embedded for security, the London-based firm announced Tuesday.
Previously users had to input their bank account details manually when sending funds to first-time payees, said Sharon Anne Kean, Wise's director of product and global expansion.
When a recipient receives a message they've received funds, they click on a link to enter their own account details and the money is transferred immediately, Kean said.
"U.S. customers in particular sometimes balk at sharing their bank account details, so we developed a process where that information isn't shared directly and it's more secure," she said.
Simultaneously, Wise is rolling out a business version of the Visa debit card it introduced in 2019.
"Business users with a Wise account were previously limited in the way they could use funds accumulating in their Wise account, so we added a card enabling them to pay online or in stores or to withdraw cash from an ATM," Kean said.
Like the consumer version of the card, users may hold funds in U.S. dollars, euros or British pounds, and the card will automatically convert to the currency wherever the transaction is occurring, she said.
Wise, which recently launched partnerships with Ramp, Brex and Globalization Partners, has 6 million monthly active users and moves approximately $30 billion per quarter, the company said. The majority of Wise's users are in Europe, with the U.S. its second-largest market, and Brazil and Australia rapidly growing, Kean said.
Heightened
"Especially as small businesses increasingly join bigger corporations in playing in the global market, any tools that make it easier for them to efficiently conduct payments across borders are positioned to win," Hartman said.
