A post relating to this item from Finextra:
24 February, 2011
Visa introduces card-to-card cash transfer system
Visa has launched a new person-to-person payment service that lets consumers transfer funds in near real-time to other cards over the VisaNet network.
Be interested to fully understand how it works - for example :
a) how does the recipient get informed that the funds are available?
b) if they go to the ATM to withdraw the funds as Cash, what are the fees? Presumably there is withdrawal/handling fee, but does the Card Issuer charge the usual Cash Advance Daily Fees? Does the advance count as part of the 7/21 days Cash Access limit,
or is it independent of that?
c) if the transferred amount is held separately as an escrow Credit Balance, is it ever used by the Card Issuer to pay off the next Statement?