Visa announces Visa+ to support interoperability between P2P apps
Payments giant Visa has partnered with PayPal and Venmo to trial Visa+, a new way to send money via different person-to-person (P2P) digital payment apps.
Visa announces Visa+
PayPal and Venmo users in the US will be able to set up a payment address linked to their account and send money between the two platforms later this year.
Visa partners DailyPay, i2c, TabaPay and Western Union will also integrate Visa+ within their platforms.
TabaPay head of commercialisation Tim Astanov says the new solution for the fintech community will “remove friction and make instant money movement easier for our clients and their customers”.
Participating digital wallets, neobanks and other payment apps, reaching “millions of US users”, will also be able to enable interoperability through Visa+.
Visa+ is expected to launch for US consumers with select partners in late 2023 with general availability planned for mid-2024.
Visa global head of new payment flows Chris Newkirk says interoperability between platforms is key for consumers.
“Consumers continue to seek simple and seamless ways to digitally move money between friends and family,” Newkirk adds.
“Through this collaboration, Visa+ can help break down barriers for payment app users as they connect, engage and move money.”
