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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.


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How Visa card-to-card cash transfer work in practice?

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?

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Comments: (1)

A Finextra member
A Finextra member 03 March, 2011, 14:25Be the first to give this comment the thumbs up 0 likes

I imagine this is targeted at Visa Debit rather than Credit customers as there can be "issues" encountered with a Credit Card going into a Credit Balance situation (depending on local legislation/accounting rules).

With regards to charging - I'd imagine any charges would be applicable to the sender account rather than the receiving account.

Keith Appleyard

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