OBOOK Holdings, a blockchain technology company operating as OwlTing Group, has teamed up with Visa in a strategic collaboration to launch OwlPay Cash App.
As a mobile-focused remittance app, OwlPay Cash uses Visa Direct to enable users across the US and other regions to send payments abroad in local currencies directly to eligible bank accounts in 26 countries, including markets such as Mexico, India, Colombia, Argentina, and Peru.
Minimising costs and making cross-border payments efficient
Further developing on the global collaboration with Visa announced in 2024, the announcement represents the upcoming launch of the Visa Direct Account (VDA) solution for OwlTing. According to company data, Visa Direct connects to over 11 billion endpoints worldwide, supporting OwlPay Cash to minimise hidden fees and increase transparency around foreign exchange rates.
Furthermore, by establishing a relationship with Cross River Bank for regulated US settlement, OwlPay Cash can offer users transparent pricing without charging monthly fees. The solution includes built-in FX conversion for everyday remittances.
Built to serve the needs of immigrants across the US, OwlPay Cash aims to reduce their costs by up to 70% compared to traditional SWIFT options. OwlTing plans to launch the app in the upcoming period, with it being available on the Apple App Store and Google Play in the US and deliver:
- Worldwide reach, with users being able to transfer funds to 26 regions across Latin America, Asia, and Europe, and benefitting from automatic FX and local-currency payout. The company intends to prioritise high-demand markets as part of the initial launch, including Argentina, Mexico, Colombia, Peru, and India;
- Cost-efficient transfers, without monthly fees and decreased charges;
- Customer-friendly experience based on a mobile-first design;
- Security and compliance, with the app being licensed in 39 US states and ISO 27001 certified for user information protection;
- Supported by Visa and its network.
Furthermore, the rollout assists OwlTing in scaling its presence in fiat payments as the company continues to develop the stablecoin infrastructure. Talking about the move, Darren Wang, Founder and CEO at OwlTing Group, emphasised that by merging Visa Direct’s global reach with the mobile display of OwlPay Cash, the company seeks to provide more savings, transparency, and efficiency for users in one app.
