12 December 2017
visit www.aciworldwide.com

Visa introduces card-to-card cash transfer system

24 February 2011  |  18193 views  |  4 credit card

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.

The service was activated for the first time by Russia's largest payment kiosk operator, 1st Processing Bank (QIWI Group), and Ukraine's largest bank, PrivatBank earlier this week.

Visa is rolling the service out internationally, with a view to capturing market share from PayPal, and emerging mobile remittance platforms.

Senders simply provide their bank with the recipient's Visa card number to initiate the payment. Visa says the process does away with the need for senders to fill out complicated forms and provide routing information such as bank codes and branch addresses.

When processed through VisaNet, funds are credited directly to the eligible Visa credit, debit or prepaid account in minutes, freeing recipients from having to visit agent locations to collect cash.

Comments: (4)

A Finextra member
A Finextra member | 25 February, 2011, 04:35

This is a milestone towards enabling seamless P2P fund transfer globally. With all the required infrastructure already in place, I am sure it will pick up rapidly. The only limitations will be how soon Visa expands the services in global scale specially targeting migrant destinations. This can be a most economic mode of transferring funds for those migrant laborers.  

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Adam Nybäck
Adam Nybäck - Anyro - Stockholm | 25 February, 2011, 08:01

A step in the right direction that should have been made 20 years ago. Good that PayPal is around now to push innovation forward.

Does anyone know what the fees are for such transfers?

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
A Finextra member
A Finextra member | 27 February, 2011, 20:11

Nice service. Anybody have a link for the official announcement?

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune | 28 February, 2011, 08:38

While the article doesn't explicitly say so, I'm assuming it refers to cross-border money transfer, since domestic transfers via credit cards have been in vogue in many countries (including India) for a few years now.

It would be instructive to get more details around the "last mile" and security of the transaction: Can the receiver opt to keep the received funds in his/her credit card account forever and offset it against other spends on the card? If not, how does s/he transfer it to their bank accounts? Hopefully the receiver needs to only divulge his/her credit card number to the sender, for few will be comfortable disclosing Name on Card, Expiry Date and CVV?

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Visa Europe and Monitise team on mobile payments

Visa Europe and Monitise team on mobile payments

03 February 2011  |  11914 views  |  0 comments
Visa Europe completes EUR500m processing platform

Visa Europe completes EUR500m processing platform

01 October 2010  |  11596 views  |  0 comments
Chase adds cheque deposit and P2P payments to iPhone app

Chase adds cheque deposit and P2P payments to iPhone app

06 July 2010  |  10544 views  |  0 comments
Fiserv signs up 100 financial institutions to P2P payments service

Fiserv signs up 100 financial institutions to P2P payments service

17 June 2010  |  9082 views  |  0 comments
US Bank to offer P2P payments via CashEdge

US Bank to offer P2P payments via CashEdge

10 June 2010  |  12041 views  |  0 comments
P2P payments gains support among US online bankers - survey

P2P payments gains support among US online bankers - survey

26 April 2010  |  10461 views  |  0 comments
MasterCard mobile P2P payments platform set to go live

MasterCard mobile P2P payments platform set to go live

14 May 2009  |  13030 views  |  0 comments
MasterCard signs first Asian bank to MoneySend remittance programme

MasterCard signs first Asian bank to MoneySend remittance programme

12 November 2008  |  10002 views  |  0 comments

Related company news

 
visit http://info.nice.comvisit www.atos.netvisit www.response.ncr.com

Top topics

Most viewed Most shared
Revolut lets customers buy Bitcoin, Litecoin and EthereumRevolut lets customers buy Bitcoin, Liteco...
18949 views comments | 26 tweets | 22 linkedin
Saxo Bank's 'Outrageous Prediction': Bitcoin to peak at $60k next year before spectacular crashSaxo Bank's 'Outrageous Prediction': Bitco...
11731 views comments | 7 tweets | 7 linkedin
Deutsche Bank paper hails 'huge' blockchain potentialDeutsche Bank paper hails 'huge' blockchai...
8520 views comments | 15 tweets | 21 linkedin
Santander UK poaches Barclays innovation chief Michael HarteSantander UK poaches Barclays innovation c...
7014 views comments | 8 tweets | 17 linkedin
Alior Bank to use Open API platform and accelerator to create fintech marketplaceAlior Bank to use Open API platform and ac...
6503 views comments | 19 tweets | 11 linkedin

Featured job

Competitive base, double ote, benefits
London, UK

Find your next job