Fintech & Ecommerce

Visa+: The New Interoperable P2P Payments System Launches

Visa has partnered with a number of payment firms, including PayPal and Western Union, to let their customers transfer money between different P2P payment apps

Visa+ P2P payments

Image: pixabay

A new Visa+ service enables interoperability between participating P2P payment apps, allowing their customers to make money transfers and real-time payouts to each other even if they’re using different apps.

Visa+ does not require users to have a Visa debit or credit card. Therefore, people who are already using e.g. Venmo or PayPal should simply set up a personalized payment address linked to their P2P account. This way, they will be able to exchange payments between the platforms using either app.

Among other payment providers which integrated the Visa+ solution into their platforms, there are DailyPay, i2c, TabaPay and Western Union. Interoperability between popular digital wallets, neo-banks and other payment apps with millions of customers will greatly facilitate and broaden the reach of P2P payments.

Besides, it aligns with the customer demand to reduce juggling multiple apps, accounts, usernames, and passwords. Additionally, Visa+ enhances users’ privacy, as all they need to get paid is sharing their Visa+ pay-names, instead of bank account details, phone or email contacts.

Not only individual clients but also merchants may utilize the new service. Thus, enrolled sellers can use Visa+ to deliver real-time payouts to gig workers, creators, and others via participating payment apps, offering more destinations for their earnings.

Previously, Brightwell and Visa teamed up for cross-border payments programs. Through the use of Visa Direct, Brightwell customers can now launch a fully managed cross-border payments program with regulatory compliance, tier-two support and pricing management included in the package.

Nina Bobro

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https://payspacemagazine.com/

Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.