If you are the type of person who seldom have cash on you, then the new payment system from Visa is probably the thing for you. The new Visa payment system will let one transfer money to another using email, phone number or Visa account number – and it will work whether you have a credit, debit or pre-pay account at Visa.
It will be kicking off in the US first, and only with selected partners, but it seems Visa is targeting to grab a slice of the personal payments market which has been dominated by PayPal.
Visa is collaborating with CashEdge and Fiserve, two of the leading providers of electronic person-to-person payments, in this project. Visa expects the service to be available to customers by the second half of 2011. There is no news on cost yet, but Visa has been running its system overseas since 2005 with more than 70 banks participating in countries such as Australia, China, India, Russia and Singapore.