The pact will allow users of the 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 1 billion account holders, the companies said.
A similar arrangement has been reached with CashEdge Inc., provider of the Popmoney P2P service to about 170 financial institutions.
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Visa said its new personal payment services have been made possible by technical enhancements to its VisaNet global payments processing network, and by a new Visa transaction type that allows financial institutions to accept incoming funds.
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.
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