Visa U.S.A yesterday launched a new payment processing system labeled Visa Direct Exchange, which will enable the company to accept and process credit card and debit card payments performed on the Internet and via wireless devices.
The company said it made the move in order to accommodate consumers' desires for alternative means of payment. The system was developed in cooperation with BEA Systems Inc., San Jose, CA, an e-business software manufacturer.
The company said Visa Direct Exchange is designed to process more that $1 trillion in payments annually and by 2001 will be able to accommodate 10,000 transactions per second.
Visa Direct Exchange is being rolled out to Visa U.S.A's 14,000 member banks. The U.S. rollout will continue until 2002 and is expected to be followed by international rollout of the system.