Visa to offer person-to-person payments

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

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.

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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