Visa DirectExchange is intended to be the biggest private
network in the world for on-line payment and its developers claim
it will be able to process $60 million worth of payments per
hour.
The companies involved predict that the network will deal with
over 100 million transactions per year, but it will only be
available to US credit and debit card holders.
The system will also be designed to allow customers to use other
forms of electronic payment including mobile phones and personal
digital assistants.
Another similar venture was recently announced by Citigroup Inc.
which is working in conjunction with America Online Inc. to develop
internet facilities for selling financial services and simplifying
on-line payment.
