Visa has entered into partnership with PayPal and Venmo to pilot Visa+, an innovative service that aims to help individuals move money quickly and securely between different person-to-person (P2P) digital payment apps.
Later this year, Venmo and PayPal users in the US will be able to start moving money seamlessly between the two platforms, while the service will be available in other regions next year.
The newly launched service will not require users to have a Visa card; instead, by setting up a personalized payment address linked to their Venmo or PayPal account, individuals using either app will be able to receive and send payments quickly and securely between the platforms.
As part of a joint effort to build interoperability across payment platforms, Visa partners DailyPay, i2c, TabaPay and Western Union, will also integrate the new service within their platforms. Through this collaboration, Visa+ will expand its reach and enable more use cases, including gig, creator and marketplace payouts. Participating digital wallets, neo-banks and other payment apps, reaching millions of US users, will be able to enable interoperability through Visa+.
“Consumers continue to seek simple and seamless ways to digitally move money between friends and family, including the ability to send money between different payment platforms,” said Chris Newkirk, Global Head of New Payment Flows at Visa. “We are thrilled to partner with like-minded innovators to broaden the reach of P2P payments across platforms. Through this collaboration, Visa+ can help break down barriers for payment app users as they connect, engage and move money.”
According to industry group U.S. Faster Payments Council, interoperability is considered one of the most important topics in the payments industry. The new innovative service serves as a bridge that helps bring a new level of convenience, simplicity and reach to the world of person-to-person payments.
“We are honored to partner with Visa on our mission to make Earned Wage Access available to everyone, everywhere,” said Kevin Coop, CEO, DailyPay. “By empowering workers with choice and control over their earned pay, we enable them to pay bills on time, spend, save, or invest on their own schedule. And through participating wallets, their earned wages could be available the moment they earn it using DailyPay and Visa+.”
“We’re excited to be a part of this forward-thinking initiative and to continue to be an innovation partner to Visa,” said Ava Kelly, chief product officer for i2c Inc., adding, “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 started TabaPay with a goal to make instant payments simple, reliable and universal. Visa+ is significant progress towards achieving that goal,” said Tim Astanov, Head of Commercialization at TabaPay. “As one of the largest processors for Visa Direct, we are excited to expand our relationship with Visa. This new and innovative solution for the fintech community will remove friction and make instant money movement easier for our clients and their customers.”
“Western Union’s mission is to deliver accessible financial services around the world,” said Thomas Mazzaferro, Chief Data and Innovation Officer at Western Union. “We are delighted to partner with Visa on its new product launch of Visa+ to deliver upon that mission and offer new innovative payment options for our customers.”
The new service is expected to launch for US consumers with select partners in late 2023. General availability is planned for mid-2024.
