Visa Europe unveils mobile P2P payments and alert services

Visa Europe unveils mobile P2P payments and alert services

Visa Europe's member banks will be able to offer their customers mobile person-to-person payment and alert services from next month.

The card giant inked a deal with UK mobile money specialist Monitise - in which Visa holds a minority stake - earlier this year to develop a range of services for banks.

The P2P payments system will allow registered users to transfer funds to any Visa cardholder in Europe from their mobile phone. The app makes it easy to send money to an address book contact, to a mobile phone number, or to a specific Visa card number - whether or not the recipient is registered with the service.

At launch the service will only be available through an English-language Android app and will support transfers in a single currency for Visa and V PAY cardholders within Europe. Support for other operating systems, multiple currencies and payments to and within non-European countries will be added over the next few months.

Meanwhile, the alerts system notifies registered cardholders on a real-time basis whenever their card has been used to make a purchase or to withdraw cash through Visa Europe's payment network.

Peter Ayliffe, CEO, Visa Europe, says: "The way we pay is changing, driven by the rapid uptake of new technologies and growing consumer demand for more flexible payments...We are already seeing early adoption of mobile payments, and in the coming months we will see the arrival of mainstream NFC technologies, advanced loyalty and e-commerce services, and ultimately, the launch of a new digital wallet."

Comments: (2)

Killian Clifford
Killian Clifford - Mobile Money Consulting - London 28 September, 2011, 10:45Be the first to give this comment the thumbs up 0 likes

As predicted in blog a few weeks back

A Finextra member
A Finextra member 28 September, 2011, 17:52Be the first to give this comment the thumbs up 0 likes

Interesting to see who is paying interchange, the payer or payee bank - if anybody? The clearing&settlement is also interesting for p2p - when does the payee get hold of the money? One of two days later? This service can circumvent the merchant acquirer if the merchant is paid through p2p and also as a bonus avoid the merchant service charge. Small merchants may take up this - no payment guarantee is needed - the alert service confirms that the customer has paid.