Visa has partnered with PayPal and Venmo to test “Visa+” – a solution to enable fast and secure person-to-person (P2P) digital payments across various platforms. Read on for more details.
In order to facilitate people in moving money swiftly and securely between various person-to-person (P2P) digital payment platforms, Visa has collaborated with PayPal and Venmo to test “Visa+.”
The new service aims to lessen the necessity of selecting between various payment apps. It requires users to create a single “payname” in their preferred wallet so others can send them money from any compatible app by entering the recipient’s right payname. According to the story, US Venmo and PayPal consumers can transfer money later this year.
Visa partners DailyPay, i2c, TabaPay, and Western Union will also integrate Visa+ within their platforms as part of a cooperative effort to develop interoperability across payment platforms.
It will broaden its audience and enable other use cases, such as gig, creator, and marketplace payouts, with this partnership. Digital wallets, neo-banks, and other payment apps that enable Visa+ and have millions of US users will be a major help in facilitating interoperability. In late 2023, the payment service will also be made available to US customers through a restricted group of partners.
The requirement for such a solution was outlined by Chris Newkirk, worldwide head of novel payment flows at Visa. Newkirk says consumers demand simple ways to transmit money digitally to friends and family and transfer dollars between payment platforms.
“We are excited to collaborate with like-minded entrepreneurs to extend the use of P2P payments across platforms. Visa+ can assist in removing obstacles for payment app users as they connect, engage, and move money thanks to this relationship.
Reaction of Visa+ partners
The purpose of DailyPay’s partnership with Visa was explained by Kevin Coop, CEO of the business. “We are honored to join with them on this purpose,” Coop stated. We provide employees choice and control over their earned cash to pay bills on time, spend, save, or invest. Additionally, using DailyPay and Visa+, their earned salaries may be accessible through participating wallets as soon as they are earned.
Visa’s innovative endeavor excited i2c Inc.’s Ava Kelly. i2c will innovate with Visa. The CPO seeks to simplify customer money transfers. i2c wants banks, credit unions, and fintechs to move money easily. The goal is to streamline the “how” of money transfers.
“We launched TabaPay to make quick payments simple, reliable, and accessible to everyone,” said TabaPay commercialization head Tim Astanov.Visa+ is a huge step in the right direction. As one of the major Visa Direct processors, we are eager to deepen our connection with Visa. This innovative financial solution will let our clients and their customers shift money quickly.
Western Union’s chief data and innovation officer, Thomas Mazzaferro, added: “Western Union’s aim is to supply attainable financial services globally. In order to fulfill this purpose and provide our clients with new, creative payment choices, Visa just launched Visa+.