Visa today announced that consumers in the U.S. will soon be able to receive and send funds to any eligible Visa credit, debit or prepaid account, anywhere in the world.
The new Visa personal payments service, which eliminates the inefficiencies of cash and checks for payments between individuals, was made possible through technical enhancements to VisaNet, Visa's global payments processing network, and through the introduction of a new Visa transaction type that allows financial institutions to accept incoming funds.
Additionally, Visa announced a strategic product agreements with CashEdge Inc. and Fiserv, Inc., two of the leading providers of electronic person-to-person payment, account transfer and bill payment services to U.S. financial institutions. Through the agreements, CashEdge and Fiserv will have access to VisaNet, enabling them to integrate the Visa personal payment service into their respective person-to-person platforms - Popmoney and ZashPay. This'll allow a participating bank's customers to send money directly to a Visa account.
Bank customers of participating financial institutions will have the option to select a Visa account as the destination for funds when making a personal payment. By simply entering the recipient's 16-digit Visa account, email address or mobile phone number, consumers can send funds directly from their bank account to a recipient's Visa account. This makes sending money to a niece for her birthday or to a son in college simpler, faster, and more convenient than before.
Visa personal payments are already offered by financial institutions outside the U.S. with more than 70 programs around the world enabling consumers to send funds to Visa accounts. Availability of the service in the U.S. marks the first time a major payment network has introduced a global requirement for account issuers to accept incoming funds and thus enable a new generation of personal payment services.