Visa and UnionPay International agreed to facilitate cross-border money transfers into Mainland China. The collaboration connects Visa Direct with UnionPay's MoneyExpress.
This enables remittances and business-to-consumer payouts to reach over 95% of UnionPay's debit cardholders in the region. The move unlocks a crucial and expansive market for Visa’s global money movement network.
Visa stock (NYSE: V) surged 3.73% in pre-market trading following the announcement. Daiwa Capital issued a bullish price target upgrade, further fueling the momentum. This positive sentiment followed Visa's recent earnings report, which showcased 15% year-over-year growth in net revenue.