Slashdot Mirror

← Back to Stories (view on slashdot.org)

Visa To Offer Person-To-Person Payments

Posted by Soulskill on from the time-for-paypal-to-invest-in-some-accountability dept.

angry tapir writes "Visa has announced it is planning a new service that will let US customers send money directly to one another, presenting new competition to PayPal. Visa already lets people send money to Visa accounts in many other countries, but this will be the first time it will offer the service in the US."

3 of 187 comments (clear)

  1. Why did it take so long? by Just_Say_Duhhh · · Score: 5, Insightful

    Paypal mapped it out years ago. The fact that Visa (and AmEx, Discover, etc) haven't been all over this idea by now makes me wonder if they're even paying attention.

    I, for one, welcome competition amongst our financial overlords

    --
    I need trepanation like I need a hole in the head.
  2. Re:Credit card fees by eln · · Score: 5, Informative

    Every time you buy something with your credit card, Visa sends that payment to the retailer in cash. It does this by carefully placing each individual dollar bill on a velvet pillow, and having it lovingly hand-carried to its destination by a Visa representative, who is dressed in a tuxedo and wearing white gloves.

    So yes, it does get more expensive the more money you send, and Visa is practically running a charity by only charging 2%.

  3. Re:Credit card fees by Maximum+Prophet · · Score: 5, Interesting

    I like the joke, but as the amount of the transfer goes up, so does the risk. (The risk the money won't be repaid, or the risk the transaction is fraudulent) So, yes, it does cost more to send more money. Does it cost exactly what they charge? Not at all, they can charge what they can get away with.

    --
    All ideas^H^H^H^H^Hprocesses in this post are Patent Pending. (as well as the process of patenting all postings)