Of Special Interest
- Financial wellness affects half of peoples’ mental or physical health, finds report
- Study finds traditional financial institutions embrace Fintech disruption
- Grass is greener for environmentally friendly businesses, finds Barclays
- Prospective homeowners would consider a 40-year mortgage to escape renting, finds Santander
- Millennials’ needs are changing the face of banking industry, says new report
- FS is putting consumer data at risk by failing to protect mobile apps, says Arxan
- A lack of belief in their ability holds 28% women back in work, says Cambridge & Counties
- ‘Which?’ reveals Scotland has lost over a third of its bank branches in eight years
- Next downturn unlikely to be as bad as 2008, according to S&P
- FCA reveals findings from first cryptoassets consumer research
- US consumers favour single mobile app for banking and payments
- Banks suffering major IT shutdowns every day, ‘Which?’ reveals
- The US will be a key offshore centre in 2019, says GlobalData
- Debit industry changes markedly in 10 years of the Debit Issuer Study
- UK's ‘Big Five’ face ‘too big to compete’ as small challengers secure stellar returns
- Banks as vulnerable now as before crash, says new study
- Leverage ratio a constant conundrum for European and US banks, says SNL
30th September 2011
Visa Europe mobile P2P service
Visa Europe is rolling out a P2P service where the sender is a European Visa cardholder, registered with the service and having downloaded the required app to their smartphone whilst the recipient is a European Visa cardholder. To register, the cardholder's issuing bank must be a member of the service also. The recipient is not required to be registered with the P2P service and can be the holder of any European issued Visa Credit, Debit or pre-paid card.
Roll out starts next month. Initially the only app available will be for the Android smartphone and will also be restricted to the sender and recipient's accounts using the same currency. Also coming later is the extension of the service outside of Europe. Apps for other phones and multi-currency transactions are promised 'in the coming months'.
Peter Ayliffe, CEO Visa Europe announced the service along with a new alert service at the EFMA conference in Paris. The alert service notifies cardholders 'near real-time' whenever their card has been used to make a purchase or withdraw cash through the Visa Europe network. The alert can also be used as a permanent record of the transaction rather than keeping receipts. Both services have been developed with Monitise.
Peter Ayliffe said: "The way we pay is changing, driven by the rapid uptake of new technologies and growing consumer demand for more flexible payments. Today’s announcement is the first in a series of new products and services that Visa Europe will be launching in the coming months to reflect the fundamental shift in consumer behaviour. 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."
Al Lukies, Monitise Group Chief Executive, said: "Mobile Person-to-Person payments signal a step change in the fast growing Mobile Payments industry. Today's announcement is a strong indication of where Mobile Money is headed and Monitise has been proud to play our role in partnering with Visa Europe in the development and delivery of these new services. We look forward to helping Visa Europe pioneer more innovative Mobile Money solutions in the future."