The new payment solution will not require users to have a Visa card. Instead, they will be able to make payments via a personalised payment address linked to a Venmo or Paypal account.
Visa partners DailyPay, i2c, TabaPay and Western Union have also decided to integrate the Visa+ payment solution in order to build interoperability across payment platforms.
The announcement came after Visa Inc announced that Pam Murphy, chief executive officer at Imperva Inc., joined the board of directors on 10 April.
“Consumers continue to seek simple and seamless ways to digitally move money between friends and family, including the ability to send money between different payment platforms”, said Chris Newkirk, global head of New Payment Flows at Visa. “We are thrilled to partner with like-minded innovators to broaden the reach of P2P payments across platforms. Through this collaboration, Visa+ can help break down barriers for payment app users as they connect, engage and move money.”
Previously in February, the company partnered with Tingo Mobile to boost digital payments access across Africa. The recent partnership enabled Tingo subscribers to carry out cashless transactions in more than 200 nations via Visa’s digital payments infrastructure.
In 2022, the digital payments giant processed around 192.5bn transactions, with a payment volume of $11.6tn. Overall, Visa registered $29.3bn in net revenues, up 22% from 2021
“We are honoured to partner with Visa on our mission to make Earned Wage Access available to everyone, everywhere”, said Kevin Coop, CEO at DailyPay. “By empowering workers with choice and control over their earned pay, we enable them to pay bills on time, spend, save, or invest on their own schedule. And through participating wallets, their earned wages could be available the moment they earn it using DailyPay and Visa+.”
Visa+ is expected to launch for US consumers in late 2023. The US launch will first involve select partners, with general availability planned for mid-2024.