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Print 23 comment(s) - last by Motoman.. on Mar 18 at 9:48 AM

  (Source: onyxmgt.com)
The Visa personal payments service allows anyone with an eligible Visa account to pay one another directly without the use of cash and checks

Visa has just made it easier for U.S. consumers to send or receive money from any Visa debit, credit or prepaid account in the world. Visa’s move will also put in competition with PayPal. 

Visa, a global payments technology company that facilitates electronic funds transfers, has already provided personal payments outside of the U.S. through over 70 programs for some time now. Now, the global leader in payments is offering the same convenience for U.S. account holders as well. 

The Visa personal payments service allows anyone with an eligible Visa account to pay one another directly without the use of cash and checks. Participating financial institutions will allow their customers to make a personal payments by entering the recipient's 16-digit Visa account number, mobile phone number or e-mail address. Funds can then be transferred directly from one account to another, and can be done to or from any Visa account in the world. 

The personal payments service was achieved by changes to Visa's global payments processing network, VisaNet, and by creating a new transaction model that allows banks to accept incoming funds. In addition, Visa has entered agreements with CashEdge Inc. and Fiserv Inc., which are two providers of electronic person-to-person payment, bill payment and account transfers to U.S. financial institutions. The agreements will allow both providers to combine Visa's personal payment service with their separate person-to-person systems, which are Popmoney and ZashPay. Customers of both platforms will then be able to send money out to other Visa accounts.  

CashEdge Inc. is also eager to partake in the new agreement with Visa, allowing transactions such as birthday money from a mother to her daughter off in college much easier and faster.

The new Visa personal payments service is expected to become available by U.S. financial institutions through both Fiserv and CashEdge Inc. by the "second half of 2011."

"For 50 years, Visa has worked to simplify payments at the merchant point of sale; we are now evolving our network capability to make it easier for our account holders to pay one another," said Jim McCarthy, global head of products at Visa. "Through our agreements with Fiserv and CashEdge, we can accelerate the delivery of new and innovative Visa payments services, and better enable financial institutions to extend these services to customers."

In addition to the new personal payments service in the U.S., Visa is also making some headway in the mobile payment service realm in Europe by experimenting with NFC technology through the iPhone. Visa conducted a survey in Europe to see how many iPhone users would be willing to place an attachment onto the phone's dock connector for mobile payments, and 87 percent of 4,100 people were interested in the idea. Payment trials are now underway for Visa's new NFC technology for the iPhone.

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Sweetness
By Motoman on 3/17/2011 10:07:40 AM , Rating: 2
At this point, a barrel of rabid flesh-eating monkeys with a till would be a better option than PayPal. I am all for this.

...ultimately the problem will be that eBay will probably ban this payment method - as they do with cash, checks, and money orders. Because, you know, it's just not safe to pay with a money order.

It boggles the mind that eBay gets away with their shenanigans - but unless somehow somebody can get more options inserted back into eBay, PayPal is going to be just fine. Unfortunately.




RE: Sweetness
By arthur449 on 3/17/2011 10:28:03 AM , Rating: 5
I had my eye on a used ZR24w on eBay and had just saved up enough barrels of rabid flesh-eating monkeys to buy it too :(


RE: Sweetness
By Dr of crap on 3/17/2011 10:35:41 AM , Rating: 2
Not sure what you've had happen, but every Paypal transaction I've had has gone smoothly. I use it no problem.

And why the problem with eBay? Has someone been burned?


RE: Sweetness
By icemansims on 3/17/2011 10:42:42 AM , Rating: 2
Ebay owns Paypal.


RE: Sweetness
By Dr of crap on 3/17/2011 12:39:46 PM , Rating: 2
And....


RE: Sweetness
By Alexvrb on 3/17/2011 9:06:16 PM , Rating: 2
Crapdoc, let's replace all instances of "Paypal" in that conversation with a form of credit card that you don't currently possess, and then see if you come to the same conclusion.

I've been using Paypal for a long time, and I love the convenience. That doesn't mean I can't understand his point of view.


RE: Sweetness
By TheRequiem on 3/17/2011 10:43:21 AM , Rating: 2
It doesn't matter, it's good to have competition, it always is. This is actually great news because hopefully Paypal will slash prices now from its ridiculously overpriced fee's for a simple money transfer... I mean, by the time you sell an item on eBay for a low price already, Paypal nickles and dimes you, so does eBay and then you have to pay increasing shipping costs. By the times its over, it wasn't worth it. They need to reduce fee's, now only if there was more competition on Ebay, we could get them to lwoer their ridiculous 9% fee's as well, which is extremely overpriced and haven't used them much since.


RE: Sweetness
By ATTFdiggs on 3/17/2011 10:45:51 AM , Rating: 2
I have had pretty much the same experience, and will continue to use PayPal. This is a good business move on the part of Visa. I am sure it will increase the amount of debt some Visa cardholders carry. While I have Credit Cards registered with PayPal, my normal method of payment is from my bank.


RE: Sweetness
By Flunk on 3/17/2011 10:52:34 AM , Rating: 3
It works fine, but the charges are high (for sellers). They need more competition.


RE: Sweetness
By fic2 on 3/17/2011 1:29:46 PM , Rating: 2
I have. I bought some DVDs off of ebay and, of course, paid with PayPal. The DVDs were obvious copies. I reported it to both ebay and paypal. Both are still "investigating" 4+ years later. They even took my negative review of the seller down.


RE: Sweetness
By tastyratz on 3/17/2011 7:08:30 PM , Rating: 2
HA
Lots of people have been burned. I got screwed when someone showed postage and sent me an EMPTY BOX by paypal and ebay.

The fees suck its the only thing really around for what it
is effectively, and it does not inspire any competition.
What boggles me is why there have not been investigations on the worlds largest auction site (monopoly) and its owned payment system which is the worlds largest payment system (monopoly). This is clearly anti-competitive practice by not allowing it, and should as a result be questioned.


RE: Sweetness
By cigar3tte on 3/17/2011 10:49:37 AM , Rating: 2
Hmm, is there grounds for antitrust lawsuit by VISA?


RE: Sweetness
By Flunk on 3/17/2011 10:53:51 AM , Rating: 2
Not unless they buy up all their competition and raise rates. Anti-trust only affect monopolies. Adding additional competition is just good plain capitalistic fun.


RE: Sweetness
By cigar3tte on 3/17/2011 11:03:41 AM , Rating: 2
I meant if eBay doesn't allow the use of VISA's service for transferring funds, then can VISA sue?


RE: Sweetness
By Motoman on 3/17/2011 11:07:26 AM , Rating: 4
eBay is a monopoly by any stretech of the imagination...and it's clear they abuse that monopoly position, especially in the way they treat their sellers.

eBay is a fabulous place if you're a buyer - you can abuse sellers all you want to, and eBay will condone and endorse your abuse. If you're a seller...the only reason you're there is because there's no alternative.

I don't think Visa is going to be able to sue them - granted that eBay has apparently gotten away with banning cash, checks, and money orders - effectively, anything other than PayPal - I don't see how Visa is going to sway anyone.

eBay is in dire need of some serious regulatory intervention.


RE: Sweetness
By daman5 on 3/17/2011 1:41:57 PM , Rating: 2
PS - Money orders are counterfeited all the time, millions of dollars year over year, and continuing to rise. The bad guys (Nigerian, Russian, etc... criminal orgs) are very keen at this, plus unsuspecting folks who cash them in often get arrested. That's the danger of doing business with money orders, which makes it risk for businesses to handle them.


RE: Sweetness
By JediJeb on 3/17/2011 2:42:46 PM , Rating: 2
But if you pay someone with a Post Office purchased Money Order and they fail to deliver, you have the option of charging them with Mail Fraud which is a felony no matter how much the item cost. This is why many people I know always paid for eBay purchases with Post Office Money Orders.

I haven't used eBay in several years, but I know that if now PayPal is the only option for payment, I probably will never use it again.


RE: Sweetness
By Mels on 3/17/2011 9:56:24 PM , Rating: 2
If you are paid with a money order - simply say you will not ship until the money order clears the bank.


RE: Sweetness
By C'DaleRider on 3/17/2011 10:06:22 PM , Rating: 2
While ebay won't let sellers specifically list M.O.'s as a payment method, the last four items I've purchased off ebay were all paid for with USPS M.O.'s. You only have to contact the seller and ask if they'll accept one as payment. Out of six sellers I contacted last week, only one refused.

So, while ebay attempts to snuff out all other payment methods, they do exist and are used daily to pay for items from ebay.


RE: Sweetness
By C'DaleRider on 3/17/2011 10:06:37 PM , Rating: 2
While ebay won't let sellers specifically list M.O.'s as a payment method, the last four items I've purchased off ebay were all paid for with USPS M.O.'s. You only have to contact the seller and ask if they'll accept one as payment. Out of six sellers I contacted last week, only one refused.

So, while ebay attempts to snuff out all other payment methods, they do exist and are used daily to pay for items from ebay.


RE: Sweetness
By Motoman on 3/18/2011 9:48:09 AM , Rating: 2
...and if eBay found out, those sellers would be banned from eBay.


FleaBay
By btc909 on 3/17/2011 12:15:35 PM , Rating: 2
FleaBay would never allow this through it's automated payment system. Gee I wonder why, hummmm.




How can it be competition...
By Cheesew1z69 on 3/17/2011 6:19:35 PM , Rating: 2
When it's Visa ONLY? That doesn't sound like competition to me




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