Visa+ will allow people to move money across different digital payment platforms
Visa is set to pilot Visa+, a service that aims to help people move money between different person-to-person (P2P) digital payment apps.
The service will also be made available to digital wallet providers, banks and other payment apps.
Visa+ will not require users to have a Visa card, instead users set up a payment address linked to their app account.
The service is expected to launch for US consumers with select partners in late 2023, with general availability planned for mid-2024.
Visa’s new service comes on the back of data from industry group US Faster Payments Council that shows interoperability is considered one of the most important topics in the payments industry.
Chris Newkirk, global head of new payment flows at Visa, commented: “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.
“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.”
Thomas Mazzaferro, chief data and innovation officer at Western Union, said: “Western Union’s mission is to deliver accessible financial services around the world.
“We are delighted to partner with Visa on its new product launch of Visa+ to deliver upon that mission and offer new innovative payment options for our customers.”