Visa Partners With PayPal and Venmo To Pilot Visa+ P2P Digital Payments

Visa has partnered with PayPal and Venmo in a trial of Visa+, an innovative service designed to facilitate swift and secure transfers of funds between various person-to-person (P2P) digital payment applications.

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Starting later this year, users of PayPal and Venmo in the United States will have the ability to transfer money effortlessly between the two platforms.

By establishing a customized payment address associated with their Venmo or PayPal account, users of these apps will be able to exchange payments rapidly and securely between the platforms, without the need for a Visa card. This means that Visa+ will not mandate the possession of a Visa card for its users.

In a collective endeavor to establish interconnectivity across payment platforms, DailyPay, i2c, TabaPay, and Western Union have teamed up with Visa to integrate Visa+ into their systems as well.

By doing so, Visa+ will extend its influence and facilitate more scenarios, such as payouts for gig workers, creators, and marketplaces.

Numerous digital wallets, neo-banks, and other payment applications with a widespread user base in the United States will be able to enable interoperation through Visa+.

“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 Chris Newkirk, Global Head of New Payment Flows at Visa.

“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.”

The U.S. Faster Payments Council, an industry association, has identified interoperability as one of the most critical subjects in the payments field.

With its ability to enhance convenience, accessibility, and ease of use in person-to-person payments, Visa+ acts as a conduit that facilitates this new level of functionality.

Select partners are anticipated to introduce Visa+ to U.S. consumers towards the end of 2023, with widespread availability slated for mid-2024.