As Visa collaborates with PayPal Venmo and others to facilitate interoperable person to person digital payments, it will solve the issue of incompatible payment apps, allowing users to send money to others using different payment providers.
The name of this new service is Visa+. With this, anyone can send cash to others even if they use a different payment provider thanks to the new interoperable peer-to-peer (P2P) payment option.
While digital payments have unquestionably altered the world of business, the sheer number of payment applications available has hampered people’s ability to send money to others without some difficulty.
Visa+ will not need users to have a Visa card; instead, consumers using either app will be able to receive and transfer payments swiftly and securely between the platforms. Visa+ will power a new integration later this year that will allow Venmo and PayPal customers in the United States to move money between the two platforms.
Visa partners DailyPay, i2c, TabaPay, and Western Union will also incorporate Visa+ into their systems as part of a collaborative effort to improve interoperability across payment platforms.
Through this partnership, Visa+ will broaden its reach and allow various types of marketplace payments. While using Visa+, various participating digital wallets, neo-banks, and other payment applications with millions of US customers will be able to allow interoperability.
Payment using Visa+ is going to be particularly easy and hassle-free. The users will have to create their unique payment handle that is tied to their PayPal or Venmo account and then share that handle with anybody they wish to be paid by.
This eliminates the need for users to reveal their contact numbers, email addresses, or other personal information. This can be very helpful for one-time payments between persons who are unlikely to connect again in the future.
As Visa collaborates with PayPal Venmo and others to facilitate interoperable person to person digital payments, this will cause a major push in the digital landscape of interoperability between platforms.
Visa+ is planned to be available to US customers through chosen partners in late 2023. The general release date is set for mid-2024.
Source: Visa
