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 directly to their card using their 16-digit card number, their email address, and even 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.
How the Visa Personal Payment System Works
The new Visa personal payment system is designed to be user-friendly and highly accessible. To initiate a payment, users simply need to log into their bank’s online portal or mobile app. From there, they can choose the option to send money and enter the recipient’s Visa card details, email address, or mobile phone number. The funds are then transferred directly to the recipient’s Visa account, making the process seamless and efficient.
One of the key advantages of this system is its flexibility. Users are not limited to sending money only to those who have a Visa credit card; they can also send funds to Visa debit cardholders. This broadens the scope of who can receive payments, making it a versatile tool for personal transactions.
Benefits and Potential Impact
The introduction of Visa’s personal payment system could have a significant impact on the way people transfer money. Here are some of the potential benefits:
1. Speed and Convenience: Traditional bank transfers can take several days to process. With Visa’s system, transactions are completed much faster, often within minutes. This is particularly useful for urgent payments, such as sending money to a family member in need.
2. Security: Visa’s payment system leverages the company’s robust security infrastructure. Users can feel confident that their transactions are protected against fraud and unauthorized access.
3. Global Reach: While the initial rollout is focused on the US, Visa’s extensive global network means that the system could easily be expanded to other countries. This would enable cross-border payments, making it easier for people to send money internationally.
4. Integration with Existing Services: Many people already use Visa cards for everyday purchases. Integrating a personal payment system into this existing framework means that users do not need to sign up for a new service or remember additional login details.
5. Cost-Effectiveness: Traditional money transfer services often charge high fees. Visa’s system aims to be more affordable, making it an attractive option for users who need to send money frequently.
You can find out full details of this new payment system over at the website.
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