New Payment Systems Using Visa

Visa has partnered with two other companies to provide a new form of electronic payment. Using their new device, a user can transfer money from their visa to another visa or bank account just by knowing the payee's email or cell number. The payee receives the money by entering her or his visa number or bank account number. The systems will use CashEdge's PopMoney service which is already used by about 200 banks or the ZashPay network, which already is used by about 500 banks and credit unions for person-to-person payments. One of the problems with previous money transfer schemes has been the lack of buy-in by banks. So that may not be an issue here. Some further information is available here.