Visa partners with PayPal, Venmo to pilot Visa+ P2P service
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Visa (NYSE:V) said Tuesday it's partnering with PayPal (NASDAQ:PYPL) and Venmo to pilot Visa+, a service that will allow individuals to move money quickly and securely between different person-to-person (P2P) digital payment apps. Later this year, Venmo and PayPal users in the U.S. will be able to move money between the two platforms, both of which are owned by PayPal Holdings.
Visa+ won't 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 between the platforms.
On a broader scale Visa (V) partners DailyPay, i2c, TabaPay, and Western Union (WU) will also integrate Visa+ within their platforms. The integration will expand Visa+'s reach and enable use cases including gig, creator, and marketplace payouts, Visa said.
Visa+ is expected to launch for U.S. consumers with select partners in late 2023. General availability is scheduled for mid-2024.
Participating digital wallets, neo-banks, and other payment apps, reaching millions of U.S. users, will be able to enable interoperability through Visa+, the company said.
PayPal Holdings (PYPL) stock rose 1.1% in Tuesday premarket trading while Visa (V) stock gained 0.5%. Western Union (WU) increased 0.4%.
Last week, PayPal (PYPL) offered four new features in its payment product for small and medium-sized businesses.