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Coppo

John Copping - CGI

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A post relating to this item from Finextra:

Visa introduces card-to-card cash transfer system

24 February 2011  |  18197 views  |  4
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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.

Hmmm....

25 February 2011  |  4867 views  |  4

Let's see - Someone wants to send me some money.  I give them my credit card number (I'll have to look it up, I won't remember a number that long).  The funds arrive in my credit card account and I go to take them out in cash.  Now I have to pay interest on the cash withdrawal, until the amount is paid off, plus cash withdrawal fees!!

Sending funds to a credit card account (unless it is to settle a credit card bill) is not going to be popular...

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Comments: (5)

A Finextra member
A Finextra member | 27 February, 2011, 20:16

I assume that the funds will arrive as debit, like a pre-paid, and will be deducted from my spendings. How do you come to your conclusions, do you have official info?

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Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune | 28 February, 2011, 12:44

@John: Although I'd commented on a different Finextra item today seeking more details of the withdrawal process, I hadn't dreamt of such a diabolical scenario as you've outlined. Good catch! But hope it doesn't come true. 

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Adam Nybäck
Adam Nybäck - Anyro - Stockholm | 03 March, 2011, 11:02

My Visa is a debit card (with no withdrawal fees) so I guess the money would end up in my bank account instantly. I assume there is some transaction fee though for the sender and/or the receiver.

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John Copping
John Copping - CGI - London | 03 March, 2011, 11:16

@tonnis - no, I have no insider knowledge.  However, having worked in the cards industry in the UK, I am pretty certain that this is the way it would work, especially for credit cards.

They are not going to do this as a free service, someone will pay, and, as usual, that will be the consumer.

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A Finextra member
A Finextra member | 03 March, 2011, 11:22

details @ http://www.visa-asia.com/ap/sea/mediacenter/pressrelease/NR_SGP_210211.shtml

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Hmmm....

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job title Mgr &Principal Consultant - Controls & Compliance
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Currently Manager and principle consultant on a major global fuel card payments project for CGI. Previously Head of Mobile Channels, Logica, within the Financial Services section of Logica specialisi...

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