ABN Amro's Tikkie Payments Hit Record 7.4 Billion Euros in 2024
Hey Payments Fanatic!
Dutch payment app Tikkie has shattered records in 2024, processing a staggering €7.4 billion in transactions - an 8% increase from last year's €6.6 billion milestone. With 10 million users now on board, the platform handles an impressive 5.3 payments per second, with the average transaction amount increasing to €47.28.
The app's efficiency is remarkable, with 89% of consumer Tikkies paid within 24 hours and 64% settled within an hour. Business adoption is equally strong, showing 81% of payments completed within a day. The platform hit its peak on May 24th, processing 648,000 transactions in a single day - that's 7.5 Tikkies per second.
Moreno Kensmil, Tikkie's Head of Marketing, highlighted an innovative use case: "A million people have already received direct refunds on their bottle deposits via Tikkie. More and more places around the Netherlands have deposit return machines with Tikkie QR codes, including at schools and railway stations."
What's your experience with peer-to-peer payment apps? Are they becoming an essential part of daily life in your country? Share your thoughts in the comments!
Enjoy more Payments industry updates I listed for you below and I'll be back in you inbox tomorrow!👇
Cheers,
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INSIGHTS
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GOLDEN NUGGET
Visa Direct — Account & Wallet, the global money movement solution by Visa, disrupting how businesses deliver funds to billions of endpoints👇
Visa Direct (Account & Wallet) is built to help businesses payout worldwide through ACH, and faster payment networks via a single integration, helping companies meet their operational, commercial, and regulatory needs.
You won't believe me but today, #checks account for 50% of B2B payments. Crazy...
Visa built a solution that allows Financial Institutions to send funds (payouts) to accounts, wallets and cards in all major global markets.
► 𝐀𝐜𝐜𝐨𝐮𝐧𝐭
Send a payout to bank accounts via the Visa network using its Automated Clearing House (#ACH) / Real Time Payments (#RTP) fulfillment method. The push-to-account service is available cross border.
𝐇𝐨𝐰 𝐢𝐭 𝐰𝐨𝐫𝐤𝐬:
1️⃣ - Sender initiates a payment using a visa direct client.
2️⃣ - Visa Direct Client processes the payment through the Visa Direct Gateway.
3️⃣ - Visa Direct Gateway connects to the Visa Payments Limited (VPL) banking network.
4️⃣ - Local funds transfer scheme/network is utilized to identify appropriate network partners.
5️⃣ - After a network partner has been identified, the payment is transferred to the recipients FI.
► 𝐖𝐚𝐥𝐥𝐞𝐭
Send a payout to wallets via the Visa network, available cross-border. Visa offers the service through Visa Payments Limited (VPL) who can use their network of Wallet Aggregators and Wallet Operators to deliver the payout to the Recipient's wallet.
𝐇𝐨𝐰 𝐢𝐭 𝐰𝐨𝐫𝐤𝐬:
1️⃣ - Sender initiates a payment using a visa direct client.
2️⃣ - Visa Direct Client processes the payment through the Visa Direct Gateway.
3️⃣ - Visa Direct Gateway connects to the Visa Payments Limited (VPL) network.
4️⃣ - A network of waller aggregators and operators on the VPL is utilized facilitate the transaction.
5️⃣ - The payment is transferred to the recipients FI.
► 𝐂𝐚𝐫𝐝:
A real-time payout to cards, using Visa's global payment system. Originating Entities can use the Visa network to send money to over three billion eligible Visa card accounts!
The new innovative payment solution surged 36% in the last year surpassing 5.9 billion transactions (excluding Russia) across 60+ uses, 550+ enablers, 170+ countries and 2000+ programs.
But why Visa Direct? There are 2 main uses:
► 𝐏𝐞𝐞𝐫-𝐭𝐨-𝐏𝐞𝐞𝐫 𝐏𝐚𝐲𝐦𝐞𝐧𝐭𝐬 (#P2P):
🔸Paying friends and family
🔸Splitting bills
🔸Sending remittances
🔸Account transfers
► 𝐅𝐮𝐧𝐝𝐬 𝐃𝐢𝐬𝐛𝐮𝐫𝐬𝐞𝐦𝐞𝐧𝐭:
🔸Reimbursements
🔸Refunds
🔸Rebates
🔸Payouts
🔸Loan distributions
🔸Government disbursements
It simplifies a complex process providing a fast & convenient experience to reach payees worldwide securely and reliably on the Visa Network 🚀
Source: Visa Direct
I highly recommend following my partner at Connecting the dots in payments... Arthur Bedel 💳 ♻️ for more great content like this one👌
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