Look Out, PayPal, Visa Wants Your Customers

Credit card giant working on person-to-person transactions

By Nick McMaster,  Newser Staff

Posted Mar 18, 2011 5:49 PM CDT

(Newser) – Visa will soon allow customers to use their credit and debit cards to send money to other individuals, reports AP. It's the same type of service offered by the likes of PayPal, but Visa will come into the market with the advantage of 1.85 billion cards in circulation. One example of how it would work: A person initiates the transfer using the recipient's cell number or e-mail address; the recipient gets a notification message and enters his own Visa account number to finalize the transaction. But while users will find a lot of uses for the new service, so will scammers, warns the Consumerist. Click for that.

The new service might be nice, but look out for scams.
The new service might be nice, but look out for scams.   (AP Photo/Wilfredo Lee)
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