- Visa A2A will launch in the UK in 2025, offering account-to-account (A2A) payments for greater consumer control and protection via bank transfers.
- It aims to improve existing pay-by-bank processes by introducing:
- A formal dispute resolution process.
- More payment options directly from bank accounts.
- Easier management of payment permissions and limit settings.
- The system will operate as an open system, leveraging Visa’s infrastructure and Pay.UK’s Faster Payment System for near real-time settlement.
- Collaborations with UK fintechs like Banked, Modulr, Moneyhub, Salt Edge, Vyne, and Yaspa have helped design these enhancements.
- Visa A2A will be available for banks and businesses from early 2024, with features supporting subscription management for services like streaming, gym memberships, and food boxes.
- Mandy Lamb, Visa’s managing director for the UK and Ireland, notes Visa A2A will bring modernized pay-by-bank methods with similar protection to card payments.
- The aim is to modernize bank payments, which have remained mostly unchanged since the creation of direct debit 60 years ago.
