Visa Unveils PayPal-Like Personal Payments Service For U.S. Consumers

Giant retail electronic payments network operator Visa is giving PayPal a run for its money today, announcing a new service that will allows U.S. consumers to receive and send funds to any eligible Visa credit, debit or prepaid account. Now, bank customers of participating financial institutions will have the option to select a Visa account as the destination for funds when making a personal payment. Users enter the recipient’s 16-digit Visa account, email address or mobile phone number, allowing consumers to send funds directly from their bank account to a recipient’s Visa account, similar to the act of sending money on PayPal.