Visa, PayPal, and Western Union are partnering to let customers move money between P2P payment apps.
With the new Visa+ service, Venmo and PayPal users in the US will be able to move money easily between the two platforms later this year.
Users won’t need a Visa card to use Visa+. Instead, they can set up a personalized payment address that is linked to their Venmo or PayPal account. Then, they can receive and send money between the two apps.
DailyPay, i2c, TabaPay, and Western Union have also integrated Visa+ into their platforms, enabling interoperability for millions of American users of digital wallets, neo-banks, and other payment apps.
“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,” says Chris Newkirk, global head, new payment flows, Visa. “We are thrilled to partner with like-minded innovators to broaden the reach of P2P payments across platforms.”
