Visa Inc. has announced a new payment solution called Visa+, which will allow users to make payments without needing a Visa card. Instead, users will be able to make payments through a personalized payment address linked to their Venmo or PayPal account. This move is aimed at making peer-to-peer (P2P) payments across different platforms simpler and more seamless for consumers.
Visa has partnered with several companies, including DailyPay, i2c, TabaPay, and Western Union, to integrate the Visa+ payment solution and promote interoperability across different payment platforms. Chris Newkirk, Global Head of New Payment Flows at Visa, stated that Visa+ aims to break down barriers for payment app users as they connect, engage, and move money.
Visa has been actively expanding its digital payments access, including a partnership with Tingo Mobile in February to boost digital payments across Africa. In 2022, Visa processed around 192.5 billion transactions with a payment volume of $11.6 trillion, and registered $29.3 billion in net revenues, up 22% from 2021.
Visa+ is expected to launch for US consumers in late 2023, with select partners initially involved, and general availability planned for mid-2024. DailyPay CEO Kevin Coop expressed excitement about the partnership with Visa, stating that it would enable workers to have more control over their earned pay and use it for various financial purposes.