The fastest growing form of electronic payment in the U.S. are prepaid debit cards.
Visa customers will be able to send and receive funds.
Visa announced Wednesday a personal payments service that will allow U.S. customers to send and receive funds to any eligible Visa credit, debit or prepaid account anywhere in the world.
Reloadable prepaid debit cards represent one of the fastest-growing segments of the financial services industry.
Last year, Michael Abukhader’s 12-year-old son, Jacob, received a $30 NASCAR prepaid Visa card from an aunt who thought it would provide a convenient way to give him cash for birthdays and other events. But once Abukhader, who lives in Queen Creek, Ariz., reviewed the terms of the card, he closed the account.