Visa (V  ) is partnering with several financial service and payment companies to offer a new peer-to-peer payments service that allows consumers to send and receive money across various digital payments platforms.

While it seems like Visa is entering a saturated digital payments market that is dominated by names like PayPal (PYPL  ), Apple (AAPL  ), Google (GOOGL  ), and Block (SQ  ), this is not the case. Visa is not creating its own P2P payments platform, but is instead helping facilitate cross-platform payments between users, thus helping consumers make payments from one platfrom instead of having multiple payments accounts across services.

The new service, called Visa+, will first allow Venmo and PayPal users in the United States to seamlessly send money between the two platforms -- something that was not possible before despite the two operating under the same parent company.

With Visa+ enabled, neither user in the PayPal to Venmo or vice versa transaction will be required to have a Visa card. Instead, both users will need to set up their own unique payment address that is linked to their individual account. In this way, Visa just serves as the infracturie and digital connection between the two seperate payment services. Meanwhile, Visa+ does away with sharing phone numbers or email addresses to send digital payments, which could offer more privacy when making one-off mobile payments to a merchant.

Other companies partnering with Visa+ include DailyPay, i2c, TabaPay and Western Union (WU  ), each of which will integrate the service to their payments platforms alongside PayPal and Venmo. Visa+ plans to expand its reach further in the future to include gig, creator and marketplace payouts.

"Consumers continue to seek simple and seamless ways to digitally move money between friends and family, including the ability to send money between different payment platforms," said Chris Newkirk, Global Head of New Payment Flows at Visa, in a statement. "We are thrilled to partner with like-minded innovators to broaden the reach of P2P payments across platforms. Through this collaboration, Visa+ can help break down barriers for payment app users as they connect, engage and move money."

It is notable that major digital wallets Apple Pay and Google Pay as well as Block's payments servicer Cash App are not included in Visa's initial batch of partners. Apple Pay accounts for 43.9% mobile payments market share in the U.S., while Cash App had over 44 million monthly active users in the U.S. as of Dec. 31. Still, Visa's rollout appears to be ongoing, with the service expected to integrate into more platforms as it expands.

Visa said it plans to make Visa+ available to U.S. consumers later this year, with general availability set for mid-2024.