A new Visa person-to-person payments service will transform how Visa cards are used – from being not only the best way to pay, but also the best way to receive payments quickly.
The result of a major enhancement to the Visa network, the new service enables consumers to send funds to Visa card accounts within minutes both domestically and internationally. It is available to participating Visa clients and their customers in markets across Asia Pacific, Central and Eastern Europe, Middle East and Africa.
What also makes the service so convenient for consumers to use compared to other money transfer methods is that it does away with the need for senders to fill out complicated forms and provide routing information such as bank codes and branch addresses. Instead, senders simply provide their recipient’s Visa card number to initiate the payment.
When processed through VisaNet, Visa’s global payments network, these person-to-person payments will be credited directly to the eligible Visa credit, debit or prepaid account in minutes, freeing recipients from having to visit agent locations to collect cash.
The new Visa person-to-person payments service was activated for the first time in the world by Russia’s largest payment kiosk operator, 1st Processing Bank (QIWI Group), and Ukraine’s largest bank, PrivatBank on February 21.
Vikram Modi, Head of Digital Money Transfer and Personal Payments for Visa’s international markets, explains how this milestone for Visa in Russia and Ukraine is only the beginning of a new wave of personal payment services on Visa cards – including person-to-person payments, mobile money transfer, electronic bill pay, prepaid reloads and intra-account transfers.