It looks like Visa is attempting to take on payment system PayPal in the US with a new personal payment system in the US, where users will be able to send and receive payments to and from other Visa users using their Visa credit or debit card.
Basically you will be able to send and receive payments to anyone who uses a Visa card, and the payments can be sent direct to their card using their 16 digit card number, or their email address and vene their mobile phone number.
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.
You can find out full details of this new payment system over at the Visa website.
Filed Under: Technology News