The world’s largest digital payment company, Visa, has announced a partnership with PayPal and Venmo to test Visa+, an innovative service that promises to make it easier for people to transfer money swiftly and securely between various P2P digital payment apps.
Users of Venmo and PayPal in the US will soon be able to transfer money between the two platforms without any problems, according to the digital payment platform.
By setting up a personalized payment address connected to their Venmo or PayPal account, users of either app will be able to receive and send payments swiftly and securely between the platforms without having to own a Visa card.
Chris Newkirk, Global Head of New Payment Flows at Visa, stated that consumers “continue to seek simple and seamless ways to digitally move money between friends and family, including the option to shift money between different payment systems.” “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.
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. Visa+ will broaden its audience and enable other use cases, such as gig, creator, and marketplace payouts, with this partnership. Participating digital wallets, neo-banks and other payment apps, reaching millions of US users, will be able to enable interoperability through Visa+.
Interoperability is regarded as one of the most crucial issues in the payments sector, according to the business organization U.S. Faster Payments Council. 1 Visa+ acts as a bridge to expand the world of person-to-person payments with new levels of accessibility, simplicity, and convenience.
Kevin Coop, CEO of DailyPay, said, “We are thrilled to join with Visa on our aim to make Earned Wage Access available to everyone, everywhere. We enable employees to make timely bill payments, spend, save, or invest according to their own schedules by giving them choice and control over their earned cash. Also, using DailyPay and Visa+, their earned salaries can be accessible through partner wallets as soon as they do so.
Ava Kelly, chief product officer for i2c Inc., stated, “We continuously strive to help banks, credit unions, and fintechs remove friction from the customer experience and make the ‘how’ of moving money an afterthought. We’re excited to be a part of this forward-thinking initiative and to continue to be an innovation partner to Visa.”
“When we founded TabaPay, we wanted to make quick payments easy, dependable, and accessible to everyone. Visa+ is a huge step in the right direction, according to Tim Astanov, TabaPay’s Head of Commercialization. As one of Visa Direct’s biggest processors, we are eager to further our connection with the company. Our customers will experience less hassle and instant money movement thanks to our cutting-edge fintech technology.
According to Thomas Mazzaferro, Chief Data and Innovation Officer at Western Union, “Western Union’s objective is to supply affordable financial services globally.” “We are thrilled to join with Visa on the launch of its new product, Visa+, to fulfill that purpose and provide new, cutting-edge payment solutions for our clients.”
Additionally, Visa+ is anticipated to debut for US customers with a small group of partners in late 2023. A general release is anticipated around the middle of 2024.