Visa is teaming up with a host of firms, including PayPal and Western Union, to let people send each other money between different P2P payment apps.
The new Visa+ service means that, later this year, Venmo and PayPal users in the US will be able to start moving money seamlessly between the two platforms.
Visa+ will not require users to have a Visa card; instead, by setting up a personalized payment address linked to their Venmo or PayPal account, people using either app will be able to receive and send payment between the platforms.
DailyPay, i2c, TabaPay and Western Union have also agreed to integrate Visa+ within their platforms, meaning that participating digital wallets, neo-banks and other payment apps, reaching millions of US users, will be able to enable interoperability.
"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,” says Chris Newkirk, global head, new payment flows, Visa. “We are thrilled to partner with like-minded innovators to broaden the reach of P2P payments across platforms.
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