DBS and Visa have today announced the introduction of Visa Personal Payments (VPP), a faster, secure and more convenient way to send money from your bank account to any Visa cardholder around the world. To make a payment all you need is the recipient's name and their 16 digit Visa card number. It's that simple.
The new service is accessible to all DBS/POSB customers in Singapore and is available through the bank's iBanking and mBanking channels. DBS/POSB customers can now send money to over 1 billion eligible Visa cards globally, including funds transfers in near real-time (within minutes) to over 200 million Visa Debit, Visa Credit and Visa Prepaid cards.
"As part of our efforts in placing our customers at the heart of the banking experience, we continuously innovate to better serve them. With this service, we are offering customers a simple, affordable and convenient solution to cater to their cross-border funds transfer needs. We will continue to focus on delivering greater value and introduce user-friendly services that are relevant to our customers' lifestyle preferences," said Anthony Seow, Head of Cards and Unsecured Loans at DBS Bank, Singapore.
"From paying a friend back for a concert ticket to sending spending money to a child studying overseas, person-to-person payments have grown considerably over the last few years," Ooi Huey Tyng, Visa Country Manager for Singapore and Brunei, said. "With DBS and the Visa Personal Payments platform we have made this essential service affordable, safer and considerably more convenient for the thousands of people who need to send money to their loved ones on a regular basis."
More about how Visa Personal Payments works
Transfers to a Visa debit card occur as a deposit to the underlying checking or savings account, transfers to an eligible Visa prepaid card occur as a top-up to the balance, and transfers to a Visa credit card will be applied to the outstanding balance with any surplus funds held in credit. For a limited period of time, customers can also enjoy low handling fees starting from S$2.50 and competitive foreign exchange rates.
In Asia Pacific, Middle-East, Africa and Eastern Europe, the VPP platform has had strong year-on-year growth of 89% (in the period September 2012 compared with September 20h September 2011) reflecting consumer demand for convenient and fast P2P services.
P2P payments to developing countries are projected to grow by 7.9 percent in 2013, 10.1 percent in 2014 and 10.7 percent in 2015 to reach US$534 billion in 2015. This is a 33.5% rise from the US$400 billion figured recorded in 2012. This growth is likely to be led by markets like India and China, which recorded recipient figures of US$70 billion and US$66 billion respectively in 2012.
There are over 80 send-side VPP programs by leading financial institutions in over 20 countries including Australia, China, Taiwan, Hong Kong, India, Indonesia, Malaysia, Russia, Ukraine, U.S., U.A.E. and Kenya.
DBS is a leading player in the payments space and has the largest Internet banking and mobile banking customer base in Singapore, with about 1.9 million and 600,000 users respectively. The bank launched the first 3-in-1 (Visa, Visa payWave, EZ-Link) contactless payment card back in 2009 (Live Fresh by DBS). With the launch of the DBS Rewards mobile app, the bank was the first in Asia Pacific to offer credit card holders the flexibility and convenience of redeeming their rewards instantly via their mobile phones. DBS' mobile applications have since attracted over one million downloads.