Visa Announces PayPal-like Personal Payments Service
Visa has announced a new service that will allow customers to make personal payments to any Visa account around the world. Effectively, it's Visa's own version of PayPal.
The advantage of PayPal and other personal payment services is the simplicity and efficiency of transferring money without traditional transaction processes . It's the foundation of much of the business conducted through many online sites, including eBay and Etsy.
Visa already offers personal payment services internationally, but this is the first time it will be available in the United States.
Visa created a partnership with CashEdge and Fiserv that integrated their personal payment services (Popmoney and ZashPay) with Visa's existing service, VisaNet. The new partnership will handle personal payment transactions in the U.S.
Sending money to another Visa account holder should be as easy as entering the recipient's six-digit Visa account number, e-mail address or mobile phone number.