Blog article
See all stories ยป

An article relating to this blog post on Finextra:

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.


See article

Hmmm....

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...

5720

Comments: (5)

A Finextra member
A Finextra member 27 February, 2011, 20:16Be the first to give this comment the thumbs up 0 likes

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?

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 28 February, 2011, 12:44Be the first to give this comment the thumbs up 0 likes

@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. 

Adam Nybäck
Adam Nybäck - Anyro - Stockholm 03 March, 2011, 11:02Be the first to give this comment the thumbs up 0 likes

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.

John Copping
John Copping - CGI - London 03 March, 2011, 11:16Be the first to give this comment the thumbs up 0 likes

@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.

A Finextra member
A Finextra member 03 March, 2011, 11:22Be the first to give this comment the thumbs up 0 likes

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