Visa Inc. said on Wednesday that it has new technology that will let US customers receive and send funds to any eligible Visa credit, debit or prepaid account, anywhere in the world.
"The breakthrough service extends the utility of Visa's network from enabling payments at the point of sale, to enabling consumers to pay one another," the company said in a statement.
"The new Visa personal payments service, which eliminates the inefficiencies of cash and checks for payments between individuals, was made possible through technical enhancements to VisaNet, Visa's global payments processing network, and through the introduction of a new Visa transaction type that allows financial institutions to accept incoming funds," the statement reads.
Visa also announced announced strategic product agreements with CashEdge Inc. and Fiserv, Inc, both of which provide electronic person-to-person payment, account transfer and bill payment services to U.S. financial institutions. "Through the agreements, CashEdge and Fiserv will have access to VisaNet, enabling them to integrate the Visa personal payment service into their respective person-to-person platforms - Popmoney® and ZashPay," Visa said.
"This will allow a participating bank's customers to send money directly to a Visa account."