What sets Visa+ apart is that users do not need to have a Visa card to use the service. The heart of Visa+ is a new payment credential called Visa+ Payname, which is a personalized payment address that can only receive payments. Users can create a Visa+ Payname through a participating app, and share it with a sender on a different app. When a payment is made, the sender’s app “calls” the Visa+ service, requests an underlying token, and then “pushes” the payment through to the recipient’s wallet, which is credited in real-time.
Visa has implemented a multi-layered system of controls to ensure security and prevent fraud. The system includes protocols for stepped-up recipient verification, and senders can remove this verification for subsequent transactions with the same recipient. In the US, transaction limits for the service are currently capped at $2,500.
This new service is a game-changer for P2P payments, as it allows for greater flexibility and convenience for users. With Visa+ Payname, users can easily transfer funds across different platforms without the need for a specific P2P network or a Visa card. This development has the potential to disrupt the P2P payments industry and lead to the creation of more innovative payment solutions.
In conclusion, Visa+ is a significant step forward for the P2P payments industry. The service allows users to send and receive payments across different platforms without the need for a specific network or a Visa card. The multi-layered system of controls ensures the security of transactions, and the $2,500 transaction limit provides an added layer of protection. This development has the potential to change the way we transfer funds and paves the way for more innovative payment solutions.