SAN FRANCISCO—Visa plans to launch a dedicated service for account-to-account payments, skipping the traditional and what it called “often inflexible” direct debit process, a new report states.
Visa said consumers will be able to monitor these payments more easily and raise any issues by clicking a button in their banking app, CNBC reported.
The product will initially launch in the U.K. in early 2025, with subsequent releases in the Nordic region and elsewhere in Europe later in 2025, CNBC said.
Seeking to Address Problems
In a statement, Visa said 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
“It won’t initially apply its A2A service to things like TV streaming services, gym memberships and food boxes, but this is planned for the future, the Visa statement added.