Visa said it plans to launch a dedicated service for bank transfers, skipping credit cards and the traditional direct debit process.
Visa said it plans to launch a dedicated service for account-to-account payments, skipping the traditional — and often inflexible — direct debit process.
Visa, which alongside Mastercard is one of the world's largest card networks, said Thursday it plans to launch a dedicated service for account-to-account payments in Europe next year. The service should help people deal with problems like unauthorized auto-renewals of subscriptions, by making it easier for people to reverse direct debit transactions and get their money back, Visa said. It won't initially apply its A2A service to things like TV streaming services, gym memberships and food boxes, Visa added, but this is planned for the future.
With Visa A2A, consumers will be able to set up variable recurring payments , a new type of payment that allows people to make and manage recurring payments of varying amounts. Visa's A2A product relies on a technology called open banking, which requires lenders to provide third-party fintechs with access to consumer banking data.The technology has enabled new payment services that can link directly to consumers' bank accounts and authorize payments on their behalf — provided they've got permission., for 1.8 billion euros . The deal came on the heels of an abandoned bid from Visa to buy competing open banking firm Plaid.
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