Visa joins with CashEdge and Fiserv on new initiative

Visa recently announced a new partnership with CashEdge and Fiserv, which operate the online payment networks known as Popmoney and ZashPay, respectively. By doing so, it will allow its more than one billion credit card and debit card accountholders worldwide to transfer money to each other directly.

“Through our agreements with Fiserv and CashEdge, we can accelerate the delivery of new and innovative Visa payments services, and better enable financial institutions to extend these services to customers,” said Jim McCarthy, global head of products for Visa.

Consumers with almost any type of Visa-branded card – excluding prepaid gift cards, but including reloadable prepaid debit cards – can transfer money to each other as long as they know the recipient’s email address or phone number.

Currently, PayPal, the world’s largest personal payment system, has nearly 95 million registered users and processed close to a billion dollars worth of transactions in 2010.