Visa and Airbnb have teamed up so that Airbnb hosts in certain markets will be able to get their payments faster by using Visa Direct, the company’s real-time push payments platform.
The offering will let hosts have the ability to move money from Airbnb to a bank account connected with an eligible Visa debit card, a press release shows.
“Giving people access to money they’ve earned when they earn it is a powerful driver to support communities and the recovery of the global economy,” Ruben Salazar, SVP and Global Head of Visa Direct, said in a statement. “Visa Direct capabilities on the Airbnb platform can help improve cashflow for Hosts, allowing them to focus on welcoming travelers eager to explore the world again.”
The new service will roll-out to Airbnb hosts over the course of the next year and will enable hosts to have more control over their finances. Although the COVID-19 pandemic has hampered travel plans in the past year, the press release said that more than 60% of US consumers are ready to travel, according to a Visa report on American mood trends.
“As one of the first travel platforms to enable Visa Direct, this new functionality will help our Host community access their earnings more quickly,” Sam Shrauger, Vice President of Payments at Airbnb said in a statement. “We are always listening to our Hosts and seeking ways to better meet their needs, and Visa Direct can play an important role in providing faster payouts for Hosts.”
In other recent payments news, Brex has raised a huge $425 million Series D investment round led by investment giant Tiger Global. The latest capital infusion values Brex at more than $7.4 billion. Brex is a fintech company that offers business credit cards and cash management accounts to companies. he company said in a press release that it has grown its total customers by 80% in the first quarter of this year, and has had “ total monthly customer additions increasing by 5x.”