Visa has collaborated with PayPal and Venmo to test Visa+, a new service that promises to enable clients to move money quickly and securely across numerous P2P digital payment apps.
Customers with Visa+ can use the service even if they do not have a Visa card.
Instead, users of either app can create a unique payment address linked to their Venmo or PayPal account in order to receive and send payments that are both rapid and secure across platforms.
Visa partners such as DailyPay, i2c, TabaPay, and Western Union will integrate Visa+ into their own systems to improve payment method compatibility.
This partnership will broaden Visa+’s user base and enable new use cases, such as payments for gigs, creators, and marketplaces. Millions of Americans use digital wallets, neobanks, and other payment apps that could profit from interoperability if they joined Visa+.
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According to Chris Newkirk, Visa’s Global Head of New Payment Flows, “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.”
We are excited to collaborate with other trailblazing innovators to increase the accessibility of P2P payments across all platforms.
Visa+ will be able to facilitate communication, trade, and the transfer of funds among payment app users as a result of this agreement.
More On The collaboration
The CEO of DailyPay, Kevin Coop, is overjoyed to be working with Visa to expand access to Earned Wage Access. Our goal is to provide universal access to Earned Wages.
By allowing our workers to manage their own money, we ensure that they can meet their financial obligations on time, save for the future, enjoy life in the now, and invest in their financial future as they see fit.
If they utilise DailyPay and Visa+ with a compatible wallet, they may even have access to their earnings the moment they are deposited.
Ava Kelly, chief product officer at i2c Inc., said, “We constantly strive to help banks, credit unions, and fintechs remove friction from the customer experience and make the ‘how’ of moving money an afterthought.” Kelly gushed, “We are excited to be a part of this forward-thinking initiative and to continue to be an innovation partner to Visa.”
Similarly, “we are also thrilled to be a part of this initiative that will help move the industry forward.”
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TabaPay was created with the intention of making instantaneous payments easier to use, more widely available, and more standardised. The Head of Commercialization at TabaPay, Tim Astanov, says that “Visa+ represents a significant step forward in the direction of achieving that goal.” As one of the largest processors for Visa Direct, we are overjoyed at the prospect of deepening our relationship with Visa.
This new and innovative solution for the fintech community will make the movement of rapid money easier for our customers and their end users.
Chief Data and Innovation Officer Thomas Mazzaferro has stated that “the mission of Western Union is to deliver accessible financial services around the world.” To realise our objective and provide our consumers with new and creative payment choices, we are thrilled to be working with Visa on the launch of its newest product, Visa+.