Visa Offers New Payment Service

Visa announced Wednesday it is developing a new service that will allow U.S. customers to send money directly to one another, presenting new competition to PayPal.

Visa already lets people send money to Visa accounts in many other countries, but this will be the first time it will offer the service in the U.S.

People who use banks that participate in the new program will be able to send money directly to someone’s Visa account by entering the recipient’s Visa account number, e-mail address or mobile-phone number in an online payment form.

Visa said it has made deals with two payment companies, Fiserv and CashEdge, so that those companies can allow their customers to send money to Visa accounts. Banks offer Fiserv’s ZashPay and CashEdge’s Popmoney services to their customers for sending money to other people. The first banks are expected to make the Visa service available through CashEdge and Fiserv in the second half of the year, Visa said. It’s not clear whether Visa will offer the service on its own.  Read More…

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