Visa Europe has beefed up its mobile payments service with the addition of features which let customers send money from their phone to any Visa cardholder on the continent, in any currency.
Wow, they have re-invented Paypal, restricted to Visa cards. Yawn.
I have really been feeling the need for a service that lets me send money from my mobile phone to another phone to be used by a friend who may or may not have a visa card....
Over the last 20 years I must have needed to do this....Oh... at least ....... never.... another case of the emperors new clothes!!!!
Aww! C'mon guys. Give them a break. OK it's similar to PayPal and Pingit, but it's innovative and creates competition. Besides, I'm not aware of that many people that don't have a Visa card in their wallet.
It may not be perfect, but it's got the backing of a big Scheme, it's a positive move and (probably) cheaper than PayPal.
Ok Peter - In deference to you.... would you like to register - and send me a £1.00 transfer - and we will see how quick and easy (as claimed) the system is to use.... then we can find someone in Euro land - send them a £1.00 transfer and see how much
arrives on their card....
Barclays were very innovative - this is Visa doing a me-too... but remember - Barclays are a B2C player.... Visa's relationships are with banks.. maybe now Visa has crossed the rubicon.... entering to direct competition with banks for money transfer business?
I am sure there is an upside for the issuers in this - which means that with Visa and the Issuer making money fees and exchange rates may suffer (at the expense of the consumers at both ends of the transaction)
up to c.£100K base (d.o.e), commission, benefitsLondon, UK
© Finextra Research 2015