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Visa is planning to launch a PayPal like service.

March 16th, 2011 Leave a comment Go to comments

Visa planning to launch a service that allows you to send money to a card number, or email address. The service has not yet launched. There is not timeline and there is no place to register an interest yet. Some of this will happen as institutions roll out the service but some consistency and information about the features of merchant interfaces would be very useful for developers. The service is apparently already available over Visa for some customers of institutions outside the US.

Bank customers of participating financial institutions will have the option to select a Visa account as the destination for funds when making a personal payment. By simply entering the recipient’s 16-digit Visa account, email address or mobile phone number, consumers can send funds directly from their bank account to a recipient’s Visa account. This makes sending money to a niece for her birthday or to a son in college simpler, faster, and more convenient than before.

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