Visa has announced a partnership with PayPal and Venmo to trial their new program, Visa+. This new service looks to help individuals transfer money rapidly and safely between different person-to-person (P2P) digital payment apps. Starting in mid-to-late 2023, users in the US will be able to move money between PayPal and Venmo.
Users will not be required to have a Visa card, instead, they can use the app by setting up a personalised payment address that links to their existing PayPal or Venmo account.
Visa partners such as DailyPay, i2c, TabaPay and Western Union will also adopt Visa+ into their existing platforms. This collaboration aims to expand the reach of Visa+ and enable further use cases for the industry.
Chris Newkirk, global head of new payment flows at Visa said, “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 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.”
Industry group U.S. Faster Payments Council said that interoperability is one of the most important topics in the payments industry. Visa+ will help move the market towards a more interoperable, simple, and wide-reaching P2P system.
Kevin Coop, CEO of DailyPay said, “We are honored to partner with Visa on our mission to make Earned Wage Access available to everyone, everywhere. 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+.”
Ava Kelly, chief product officer of i2c Inc. said, “We’re excited to be a part of this forward-thinking initiative and to continue to be an innovation partner to Visa. 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.”
Tim Astanov, head of commercialisation at TabaPay commented, “We started TabaPay with a goal to make instant payments simple, reliable and universal. Visa+ is significant progress towards achieving that goal. 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.”
Thomas Mazzaferro, chief data and innovation officer at Western Union said, “Western Union’s mission is to deliver accessible financial services around the world. “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.”
Visa+ is expected to launch for US consumers with select partners in late 2023. General availability is planned for mid-2024.