Following this announcement, Visa+ was made available with PayPal, Venmo, and DailyPay in the region of the US. In addition, Astra, Brightwell, Cross River Bank, Current, Fiserv, i2c, and Tabapay are expected to expand the solution to new use cases as well, as the companies will implement Visa+’s APIs on behalf of their digital wallet.
Eligible clients and users will be enabled to sign up for a Visa+ payname, a personalised payment address that will be linked to their Venmo or PayPal account. This process will take place in order to send or receive money to their friends, family, acquaintances, and loved ones in a secure and efficient manner across the two platforms.
According to the official press release, during 2023, the US P2P payment volume was estimated at USD 993 billion. The overall convenience and speed of digital payments were aimed at optimising the manner in which companies move their money and control their finances. Across the market, customers and clients remain focused on the opportunity to pay and get paid across digital transaction services in a secure and convenient manner.
Visa prioritised this process, while also focusing on removing friction from payments and from point-of-sale (POS) in order to facilitate digital money movement across the globe. Visa+ was developed to allow individuals to send and receive money quickly and securely across different digital payment applications, while also improving real-time payouts to the participating digital accounts.
At the same time, Visa will continue to expand the P2P use cases in the region of the US, with Current and Western Union being expected to join PayPal and Venmo in the process of enabling the cross-platform money movement. The solution and its interoperability are set to also allow merchants to improve the process of disbursing funds to their clients, a procedure which is also known as B2C payouts.
Visa+ will be combined with real-time disbursements through the use of Visa Direct in order to enable companies and businesses to provide these financial services. Customers will have the possibility to save time and benefit from multiple payment choices, as P2P platforms will be enabled to drive deeper engagement with clients through improved convenience and reach.
Visa+ will continue to be rolled out with participating platforms in the region of the US throughout 2024, as it will prioritise meeting the needs of customers, clients, and users in an ever-evolving market as well. Its overall suite of features is expected to expand as well, with improvements and new launches being set to go live in order for the solution to integrate in new markets beyond the US, as well as additional cross-border use-cases.
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