- Visa is launching Visa+, a peer-to-peer payments interoperability tool.
- PayPal and Venmo are piloting the launch.
- Visa partners DailyPay, i2c, TabaPay, and Western Union will also integrate Visa+ within their platforms.
Fintech has solved a lot of problems by creating a multitude of different peer-to-peer (P2P) payment apps. In so doing, however, it has also created a problem– the platforms are not interoperable. Many people use different payment apps, and they don’t all work together. Visa is seeking to solve this issue with its new launch, Visa+, which helps users move money between different P2P payment apps.
Piloting the launch of Visa+ are PayPal and Venmo. After setting up a personalized payment address linked to their Venmo or PayPal account, users of either app can send and receive payments between the two platforms. Visa+ serves as the backend infrastructure behind the transfer.
PayPal and Venmo users will be able to begin using Visa+ later this year. Visa partners DailyPay, i2c, TabaPay, and Western Union will also integrate Visa+ within their platforms. The addition of new apps and platforms will not only increase the reach of Visa+, but it will also have the potential to add new use cases– such as payouts for gig workers, creators, and online marketplace sellers.
“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,” said Visa Global Head of New Payment Flows Chris Newkirk. “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.”
While PayPal and Venmo are as good a starting point as any for P2P payments interoperability, there are many other players– Square Cash, Zelle, Google Wallet, and Apple Wallet– that should be added to maximize the utility of Visa+ and make it an everyday tool for U.S. users. Visa expects to launch Visa+ with select partners in late 2023. The company is planning general availability in mid-2024, so we may see additional partners in the later launch.
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- Source: https://finovate.com/paypal-and-venmo-pilot-p2p-payments-interoperability-tool-visa/
