PayPal and Venmo have started offering Visa+ P2P payments, a new way to send and receive money online. This service is now available to users in the US.
With Visa+ P2P payments, you can send money to anyone with a Visa debit card, regardless of whether they have a PayPal or Venmo account. This expands the recipient's options for receiving payments.
The new service is secure and easy to use, with no need for the recipient to have a PayPal or Venmo account.
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Visa Partners with PayPal and Venmo
Visa has partnered with PayPal and Venmo to offer a new peer-to-peer (P2P) payments service called Visa+. This service allows users to send and receive money across different P2P payment apps quickly and securely.
The partnership aims to expand the reach of Visa+ and enable further use cases for the industry. Visa+ will help break down barriers for payment app users as they connect, engage, and move money.
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Visa+ provides a way for consumers to receive and send payments across different participating apps without sharing their email addresses, phone numbers, or other account details.
Consumers can use the Visa+ payname feature to send and receive money without needing to have a Visa card. They can set up a personalized payment address that links to their existing PayPal or Venmo account.
The service's B2C payout capability has expanded, with Astra, Brightwell, Cross River Bank, and Fiserv planning to implement Visa+ API coding on behalf of their digital wallet and merchant clients by the fall.
Visa+ is expected to launch for US consumers with select partners in late 2023, with general availability planned for mid-2024.
Visa+ partners include DailyPay, i2c, TabaPay, and Western Union, among others. These partners will adopt Visa+ into their existing platforms, expanding the reach of the service.
Here are some key partners and their comments on the partnership:
- DailyPay: "We are honored to partner with Visa on our mission to make Earned Wage Access available to everyone, everywhere."
- i2c: "We're excited to be a part of this forward-thinking initiative and to continue to be an innovation partner to Visa."
- TabaPay: "We started TabaPay with a goal to make instant payments simple, reliable, and universal. Visa+ is significant progress towards achieving that goal."
- Western Union: "We are delighted to partner with Visa on its new product launch of Visa+ to deliver upon that mission and offer new innovative payment options for our customers."
New Payment Features
PayPal and Venmo have activated Visa+, an interoperable peer-to-peer payments service that lets users send and receive funds across different platforms. This means users can now make payments to friends and family using their existing PayPal or Venmo accounts, without needing to share sensitive information like emails or phone numbers.
Visa+ allows users to create a personalized payment address, which links to their existing account, making it easy to send and receive money. Users can sign up for a Visa+ payname, which is associated with a receive-only Visa token stored by Visa and linked to their wallet account.
The service's B2C payout capability has expanded, with Astra, Brightwell, Cross River Bank, and Fiserv planning to implement Visa+ API coding on behalf of their digital wallet and merchant clients by the fall. This means more businesses will be able to use Visa+ to make payments to customers.
To use Visa+, users can simply enter the recipient's Visa+ payname in their participating wallet app and submit the payment. This process is quick, secure, and doesn't require users to share sensitive information.
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Here are the benefits of using Visa+:
- Privacy: Visa+ paynames provide consumers with privacy, as they don't need to share emails, phone numbers, or other account details with other users to receive funds.
- Convenience: Users can send and receive money across different platforms, making it easier to manage their finances.
- Security: Visa+ uses a receive-only Visa token stored by Visa, ensuring that sensitive information is protected.
Frequently Asked Questions
Is Venmo a P2P payment?
Yes, Venmo is a peer-to-peer (P2P) payment service that allows users to send and receive money electronically. Learn more about how Venmo compares to other popular P2P apps like Zelle and Cash App.
Does PayPal offer P2P?
Yes, PayPal offers P2P (person-to-person) payments through its services, including domestic and cross-border transactions. You can send money to friends and family using PayPal, Venmo, or Xoom.
Sources
- https://www.pymnts.com/news/payment-methods/2024/paypal-venmo-begin-offering-visa-plus-p2p-payments/
- https://www.digitaltransactions.net/paypal-and-venmos-visa-entry-could-aid-interoperable-p2p-payments/
- https://www.tradefinanceglobal.com/posts/visa-partners-paypal-venmo-new-p2p-program/
- https://www.digitaltransactions.net/venmo-activate-visa-and-other-digital-transactions-news-briefs-from-4-2-24/
- https://www.linkedin.com/posts/ibrahim-s-255153197_paypal-and-venmo-begin-offering-visa-p2p-activity-7181186735647649793-oxPu
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