01 October 2014

Visa Europe unveils multi-currency mobile P2P payments service

17 April 2013  |  10089 views  |  4 Woman leaning on wall using smartphone

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.

Visa has been busy pushing its Personal Payments mobile service to Europe's banks, signing up 17 issuers so far, including RBS in the UK, where it has already gone live.

The service lets registered users send money through their bank's app to anyone with a Visa card simply by entering the recipient's mobile phone number. To collect the funds, users don't need to be signed up; they just need a Visa card, access to the Internet and to submit a few basic details.

The immediate payments feature, launching in the UK this week with other markets to follow later in the year, makes it possible for consumers to receive money sent via Visa Personal Payments in a matter of minutes.

The service is similar to Barclays' Pingit, which has proved popular since launching last February, with well over a million downloads. A UK industry-wide version, being built under the direction of the Payments Council, is also in the pipeline, set for a launch next year.

However, the Visa system is distinguished by its Europe-wide reach: by the end of the year, a multi-currency feature will be rolled out, enabling payments to be sent and received across borders, bringing international money transfers to mobile devices.

Sandra Alzetta, SVP, Visa Europe, says: "The new multi-currency and immediate payments features combine the convenience of mobile device use with the ability to send money to 460 million Visa cardholders across Europe, solving a problem that millions of consumers face every day - giving money to another individual easily and securely."

Comments: (4)

A Finextra member | 17 April, 2013, 15:42

 

Wow, they have re-invented Paypal, restricted to Visa cards.  Yawn.

 

David Abbott - Fiserv - London | 17 April, 2013, 20:31

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!!!!

Peter Robinson - Dixons Retail - London | 18 April, 2013, 13:02

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.

David Abbott - Fiserv - London | 21 April, 2013, 12:17

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)

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