Visa has announced its partnership with PayPal and Venmo to launch Visa+, a new person-to-person (P2P) digital payment service that allows individuals to move money quickly and securely between different P2P payment apps. The new service will enable Venmo and PayPal users in the United States to transfer funds between the two platforms, which are both owned by PayPal Holdings. The launch is scheduled for late 2023 with select partners, followed by mid-2024 general availability.
No Visa card will be required to use Visa+. By creating a personalized payment address linked to their PayPal or Venmo account, users of either app can send and receive payments between the platforms. Visa+ aims to provide greater flexibility and convenience to users of digital wallets, neo-banks, and other payment apps.
Visa+ will also integrate within the platforms of its partner companies, including DailyPay, i2c, TabaPay, and Western Union. This integration will expand Visa+’s reach and enable gig, creator, and marketplace payouts. The company expects the service to reach millions of U.S. users and enable interoperability across participating payment apps.
PayPal Holdings’ stock rose 1.1% in premarket trading on Tuesday, while Visa’s stock gained 0.5%, and Western Union’s increased by 0.4%.
PayPal recently announced four new features in its payment product for small and medium-sized businesses, further expanding its payment capabilities. As a result, it is expected that the company will continue to grow in the payment industry.
