Visa To Roll Out Person-To-Person Payment Service

Visa has announced it's coming out with a new service this year that could be a potential rival to eBay's PayPal. Visa says you could digitally transfer the funds from your account to your babysitter's account if you know the cell phone number, e-mail address or account number.

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LINDA WERTHEIMER, host:

The credit card company Visa may be adding some more fine print to its user agreement soon. The company said this week, it's rolling out a new person-to-person payment service later this year. Say you need to pay the babysitter, but you don't have the cash. Visa says you could digitally transfer the funds from your account to your babysitter's account if you know her cell phone number, email address, or account number. But it's not an entirely new idea. Ebay's PayPal service has been doing something similar for years.

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