July 19, 2023 | Investopaper
In a bid to streamline foreign payments, particularly remittance inflow from abroad, the Agricultural Development Bank Limited (ADBL) has recently introduced the Visa Direct service. With this new service, Visa cardholders worldwide can directly send money to ADBL customers’ accounts by simply entering the 16-digit number on the ADBL’s Visa Card through their mobile app.
The Visa Direct service, a collaboration between ADBL and Visa International, aims to simplify and expedite payment processes. The bank envisions that this service will facilitate easy and secure remittances from all corners of the globe, benefitting those staying in Nepal by receiving money from their relatives abroad.
Visa International’s Visa Direct service supports the transfer of 160 foreign currencies from 179 countries.
In a parallel development, ADBL signed an agreement with Focusone Payment Solutions to cooperate in facilitating payment and business payment services in shops through MOCO Digital, a product of Focusone Payment Solutions.
Upon implementation, ADBL’s debit and credit cardholders can use the MOCO Digital app of Focusone Payment Solutions on their mobile phones. By entering the necessary card details, they can enjoy the convenience of making payments for public services, utility bills, recharge cards, and purchases from business customers directly from their mobile phones. ADBL highlights the customer-friendly aspect of the service, enabling account holders to transfer balance amounts to related parties seamlessly through the MOCO Digital Wallet app.