If you're a small business that has a Visa account and already accepts electronic payments from customers via ZashPay or Popmoney, there's a new way you can be paid for your goods and services.
Visa has enhanced its VisaNet payment processing network to enable consumers to send and receive funds to any eligible Visa credit, debit or prepaid account anywhere in the world. The new payments service allows financial institutions to accept incoming funds.
The new payment option is being made possible by an agreement the credit card giant signed with CashEdge and Fiserv, two providers of electronic person-to-person payment, account transfer and bill payment services to U.S. financial institutions.
CashEdge and Fiserv will have access to VisaNet, enabling them to integrate the Visa personal payment service into their respective person-to-person platforms — Popmoney and ZashPay. This will allow a participating bank’s customers to send money directly to a Visa account.
Customers of participating financial institutions will have the option when making a payment to select a Visa account as the destination for funds. By entering a recipient’s 16-digit Visa account and e-mail address or mobile phone number, consumers can send funds directly from their bank account to a recipient’s Visa account.
The new service is expected to be available by the second half of the year.
“Providing a variety of fast, flexible payment options and establishing a large network through which consumers and small businesses can send and receive money are essential if we want them to trade checks and stamps for electronic payments ,” said Erich Litch, president of digital channels at Fiserv.