This is a very good news for all the Visa card users. The company joined hands with two payment companies-CashEdge Inc. and Fiserv Inc., to send money from bank accounts to the Visa account.
PayPal has been giving this facility for the last few years and currently its service is available in about 190 countries around the world. On the other hand, although Visa is very much popular around the world, the company is going to start this person-to-person payment system to U.S. consumers from the second half of 2011.
Bank customers will be able to send money to the recipients’ Visa account number, email address, or mobile phone number. So, sending money will become much easier and Visa card users will get some motivations to use their cards more.
It is clear that this new payment system is going to put up some competitions against PayPal. PayPal is currently the most popular payment method on Internet. We are curious to see whether Visa can really compete with PayPal and offer better services.