Visa+ Launches New P2P Payment Service Across Different Platforms

Visa has announced the launch of a new service, called Visa+, that will allow users to send and receive P2P payments across different platforms. Initially, the service will link Venmo and PayPal, and then expand to include other Visa partners. This move is set to overcome a major obstacle in P2P payments, where users have to be part of a specific network to transfer funds.

What sets Visa+ apart is that users do not need to have a Visa card to use the service. The heart of Visa+ is a new payment credential called Visa+ Payname, which is a personalized payment address that can only receive payments. Users can create a Visa+ Payname through a participating app, and share it with a sender on a different app. When a payment is made, the sender's app "calls" the Visa+ service, requests an underlying token, and then "pushes" the payment through to the recipient's wallet, which is credited in real-time.

Visa has implemented a multi-layered system of controls to ensure security and prevent fraud. The system includes protocols for stepped-up recipient verification, and senders can remove this verification for subsequent transactions with the same recipient. In the US, transaction limits for the service are currently capped at $2,500.

This new service is a game-changer for P2P payments, as it allows for greater flexibility and convenience for users. With Visa+ Payname, users can easily transfer funds across different platforms without the need for a specific P2P network or a Visa card. This development has the potential to disrupt the P2P payments industry and lead to the creation of more innovative payment solutions.

In conclusion, Visa+ is a significant step forward for the P2P payments industry. The service allows users to send and receive payments across different platforms without the need for a specific network or a Visa card. The multi-layered system of controls ensures the security of transactions, and the $2,500 transaction limit provides an added layer of protection. This development has the potential to change the way we transfer funds and paves the way for more innovative payment solutions.


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