The move from Visa brings interoperability across platforms for digital person-to-person payments.

Visa (NYSE: V) has partnered with PayPal (NASDAQ: PYPL) and Venmo to launch a new service called Visa+, aimed at enabling people to transfer money quickly and securely between different person-to-person digital payment apps. Users will be able to send and receive payments between PayPal and Venmo by setting up a personalized payment address linked to their accounts, without requiring a Visa card.

Visa+ is also set to be integrated into other platforms, including DailyPay, i2c, TabaPay, and Western Union, enabling millions of users to access the service. The initiative is intended to expand interoperability across payment platforms, addressing a key issue in the payments industry, according to the US Faster Payments Council. (Businesswire)

The new service is expected to launch for select US partners in late 2023, with general availability scheduled for mid-2024.

The company has said the service will break down barriers to person-to-person payments, making it simpler and more convenient for people to move money between friends and family. The company has described Visa+ as a bridge to bring a new standard of simplicity, convenience, and reach to P2P payments.

Several executives from partner companies expressed excitement about the collaboration and the potential of the service to smoothen the customer experience on payments.

Related Story:  Visa, Froda, And Lunar Tie-Up For Global SME Lending Solution