According to the press release, the new product is a new 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. In cases where companies want to send money to customers, the method replaces paper checks or the decades-old Automated Clearing House (ACH) network, sending money over debit card rails into users checking accounts.
As the CEO of Ingo Money suggests, USD 33 trillion in paper checks and ACH payments annually could be replaced by this method. Companies that want to adopt it need to either build or buy systems to help authenticate users and settle the payments. On Deck, KeyBank, Safelite and Snapsheet are already clients.
Earlier in December 2018, Visa launched its Future of Security Roadmap for Thailand, outlining intentions for strengthening payments security in the country over the next 3 years.
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