Fiserv Inc. and Visa Inc. have reached a deal that adds potentially billions of new users of the ZashPay person-to-person payment service.
The pact will allow users of the Fiserv P2P service to send and receive money from eligible Visa account holders through their primary financial institutions. ZashPay already is live at 500 banks and credit unions while Visa has more than a billion account holders.
A similar arrangement has been reached with CashEdge Inc., provider of the Popmoney P2P service to about 170 financial institutions.
Visa said its new P2P services were made possible by technical enhancements and a new Visa transaction type that allow financial institutions to accept incoming funds.
"Working with Visa allows us to deliver payments to even more consumers, more quickly and deepens the relationship that member financial institutions have with their customers," said Erich Litch, division president, Digital Channels, at Fiserv.
"The exact same Visa card you pull out of your wallet to make purchases at the point-of-sale can now be used to receive a payment from a friend or family member," said Matt Dill, head of Personal Payments and Digital Money Transfer at Visa Inc.
Fiserv said ZashPay currently provides payments in as little as one day and plans to offer real-time by the end of the year. Debit and credit account holders will be eligible first with prepaid and international account holders to follow, the companies said.