Visa (V) announced it is partnering with PayPal (PYPL) and Venmo to pilot Visa+, a service that aims to help individuals move money quickly and securely between different person-to-person digital payment apps. Later this year, Venmo and PayPal users in the U.S. will be able to start moving money between the two platforms. Visa+ will not require users to have a Visa card; instead, by setting up a personalized payment address linked to their Venmo or PayPal account, individuals using either app will be able to receive and send payments quickly and securely between the platforms. As part of a joint effort to build interoperability across payment platforms, Visa partners DailyPay, i2c, TabaPay and Western Union, will also integrate Visa+ within their platforms. Through this collaboration, Visa+ will expand its reach and enable more use cases, including gig, creator and marketplace payouts. Participating digital wallets, neo-banks and other payment apps, reaching millions of US users, will be able to enable interoperability through Visa+.
Published first on TheFly
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