Visa to offer person-to-person payments

Visa to offer person-to-person payments

Summary: Visa account holders in the US will be able to send and receive funds or make personal payment transations, as the company moves into a PayPal-dominated market

TOPICS: Tech Industry

US customers can now use any eligible Visa account to send and receive funds, or make person-to-person transactions, placing the credit card giant in a market currently dominated by online payment company PayPal, according to news reports.

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The new personal payment service allows users in the US to send and receive money directly to any eligible Visa credit, debit or prepaid account by entering the recipient's 16-digit Visa account number, mobile phone number or email address, according to a post on Wednesday by Ars Technica.

However, to access this service, the user's bank must first be a participating institution in the scheme. The names of the banks taking part have yet to be announced by Visa, the report added.

For more on this ZDNet UK-selected story, see Visa extends personal payments, rivaling PayPal on ZDNet Asia.

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Topic: Tech Industry

Jamie Yap

About Jamie Yap

Jamie writes about technology, business and the most obvious intersection of the two that is software. Other variegated topics include--in one form or other--cloud, Web 2.0, apps, data, analytics, mobile, services, and the three Es: enterprises, executives and entrepreneurs. In a previous life, she was a writer covering a different but equally serious business called show business.

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  • For decades, Visa has provided card processing services for businesses as well as credit and debit cards to customers. As of Wednesday, the card company has announced that it could be premiering person-to-person obligations. The brand new service is intended to compete with online and person-to-person transaction systems for instance PayPal. This really sounds excellent. Any word on fees, yet?